Yellow Book gets first makeover since 2011

yellow_bookThe Government Accountability Office last month released an updated edition of the “Yellow Book” on Generally Accepted Government Auditing Standards, the first revision since 2011.

The book is used by government auditors at the federal, state and local levels. A major change in the latest edition is a new format that distinguishes requirements from application guidance. The book also includes:

  • Updated independence requirements for auditors who prepare the financial statements of audited entities.
  • Revised peer review requirements for audit organizations.
  • New guidance to address waste and abuse as defined under government auditing standards.
  • Updated internal control guidance for performance audits.

The 2018 Yellow Book supersedes the 2011 Yellow Book and is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020. It is effective for performance audits beginning on or after July 1, 2019. Early implementation is not permitted.

Quick Byte: 2018 Yellow Book

This fresh new course covers revisions to the Yellow Book released just weeks ago. Learn the main provisions of the update, when they will be effective and why they are an improvement. Learn more!

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