The New Yellow Book: What You Need to Know About the 2007 Revision of Government Auditing Standards

Source: Government Finance Review, April 2007

Earlier this year the U.S. Government Accountability Office (GAO) released a revised edition of Government Auditing Standards, commonly known as the “Yellow Book,” to replace the 2003 edition currently in use. The new version will be mandatory for engagements beginning on or after January 1, 2008. The most recent changes in the 2007 revision of Government Auditing Standards reinforce the most fundamental of auditing ethics and principles, including transparency and accountability; update language to align with other standards; and give auditors an auditees additional guidance for a clearer understanding of what it takes to achieve high-quality government auditing to contribute to overall accountability in government.

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