The Governmental Accountability Office has released proposed changes to government auditing standards – better known as the “Yellow Book.”
The eight key changes proposed by the GAO include the following:
Government Advisory Council
The Advisory Council on Government Auditing Standards was established to provide input on the Yellow Book in an effort to keep the standards up-to-date and effective. Members of the Advisory Council include experts from federal, state, and local government; the private sector; and academia. The Advisory Council provided input on the proposed changes included in the exposure draft issued this month.
Public comment sought
The GAO seeks public comment on the proposed changes. The comment deadline is July 6.
Learn more about the proposed changes by reading GAO’s Exposure Draft: Government Auditing Standards.
Learn more at our Government / NFP Conference
Grant Simmons, the GAO’s assistant director of financial management and assurance, will lead a session on the GAO’s exposure draft at the MACPA’s 2017 Government and Not-for-Profit Conference, scheduled for April 28 at the College Park Marriott Hotel and Conference Center.
Concurrent sessions will include a FASB update from Jeff Mechanick, the FASB’s assistant director of non-public entities, and a GASB update from Keith Novak, principal, state and local government at CliftonLarsonAllen.
There are more than 24 additional sessions to choose from at the conference, and more than 400 people are currently registered to attend. Get further details and register here.