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In 2007, the GAO revised the Yellow Book. The Yellow Book now contains a new chapter related to ethics, new discussions related to independence, updated language to reflect the incorporation of recent SASs (e.g., SAS 102 and SAS 112) and more. Learn the new requirements from well-known author Bill Broadus.
Objectives:
Prerequisite: Basic general audit knowledge and/or experience
Value Aid! Government Auditing Standards
Videocourse Details
In the video, W.A. Broadus, Jr., CPA, CGFM, President of W.A. Broadus, Jr., CPA, PC, a respected consultant in the governmental and nonprofit area, employed for several years with the GAO and author of many AICPA professional development courses, interviews Marcia Buchanan, CPA, CGFM, Assistant Director, GAO, and Gail Vallieres, CPA, of the GAO.
* The DVD disk contains the video presentation and a viewable copy of each text exhibit that can be viewed, saved and printed.
** The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.
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Rationale for Government Auditing Standards
Government Auditing Standards (GAGAS), issued by the U.S. Government Accountability Office (GAO), is the statement of auditing standards for audits of government organizations, functions, activities, and programs, as well as for government assistance received by nongovernment organizations, including contractors and not-for-profit programs and organizations. Known widely as the "Yellow Book", GAGAS aids the auditing process in four ways as illustrated in Exhibit 0-1:
| Exhibit 0-1 Benefits of Yellow Book Standards | |||
| The Yellow Book aids the auditing process in... | |||
| Addressing the unique requirements of governmental entities at all levels | Establishing general standards for both governmental and nongovernmental auditors performing audits in accordance with GAGAS | Supplementing the field work and reporting standards of the AICPA Auditing Standards Board | Establishing field work & reporting standards for performance audits |
Terminology and Requirements
Certain laws, regulations, and contracts require auditors to follow generally accepted government auditing standards. GAGAS are also widely used in audits of
For financial audits, GAGAS incorporates the AICPA's standards for field work and reporting, but GAGAS exceeds these standards in addressing issues particularly relevant in governmental, not-for-profit, and other applicable sectors.
Brief History of the Government Auditing Standards
Beginning with the implementation of the federal programs in the mid-1960s, both the number and the dollar amount of government programs and services increased substantially. This increase brought with it a demand for full accountability from those entrusted with public funds and the responsibility for managing government programs and services properly.
Origin of the Standards
In 1969, the Comptroller General of the United States held a series of meetings with a group of state auditors and federal officials. These meetings identified a need to improve government auditing. One of the areas identified was the absence of formal government auditing standards. In July 1969, the GAO initiated plans for an audit standards work group charged with the objective of developing government auditing standards.
In 1970, the audit standards work group started the survey and research work on which the original 1972 Standards were based. The work group included representatives from the GAO, federal departments and agencies, state and local government auditors, and professional organizations including the AICPA. Assistance was also provided by academics and public interest groups. In June 1972, the Comptroller General issued the original version of the Yellow Book, entitled Standards for Audits of Governmental Organizations, Programs, Activities & Functions.
Yellow Book Revisions
In 1979, the GAO started a project to revise the Standards. Based on comments and suggestions the GAO had received since the Standards were originally issued, a draft of proposed revised Standards was prepared and released for comment in August 1980. Comments received were analyzed and evaluated for appropriate consideration in arriving at the final draft Standards. The 1981 revision of GAGAS was signed by the Comptroller General on February 27, 1981.
In November 1985, the GAO started a project to clarify, update, and revise the 1981 revision of the Yellow Book. In December 1985, the Comptroller General appointed an Auditing Standards Advisory Council (ASAC) to advise him and the GAO on revising the Standards. The ASAC comprised members from federal, state, and local governments; public accounting; academia; and other special interest groups.
On March 16, 1987, an exposure draft was released for comment and was sent to audit officials at all levels of government and members of the public accounting profession, academia, professional organizations, and public interest groups. Comments received were analyzed and evaluated, and appropriate changes were made in the final draft. The final revised Standards were released in August 1988, superseding the 1981 revision.
In July 1993 an exposure draft was released proposing changes to the 1988 Yellow Book revision. A revision, entitled Government Auditing Standards: 1994 Revision, was released on June 6, 1994. Its provisions were effective for
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