Finally, Some Yellow Book Details!

August 10, 2011 | By Jerry Ashworth | Post a Comment

Leave it to the folks in Washington, D.C. to wait until I go on vacation to finally release some details on a story that I’d been tracking on a daily basis. A couple of years ago, no sooner had I headed out of town for some R&R did the Office of Management and Budget release the much-awaited initial guidance for American Recovery and Reinvestment Act grant recipients. Now it’s the Government Accountability Office’s turn.

While away last week, I was informed by GAO Auditing Standards Specialist Michael Hrapsky that the GAO was finalizing an interim version of the 2011 revision of Government Auditing Standards, known by many in the auditing field as the Yellow Book. The interim version will be available online by Aug. 19 at http://www.gao.gov/yellowbook. While the interim version will contain the intended final content for the 2011 revision, the GAO plans to formally issue fully revised Yellow Book later this year once the American Institute of Certified Public Accountants has completed its clarity revisions to its auditing standards. The GAO stressed that even though it will issue the interim Yellow Book this month, early implementation will not be permitted. 

After the GAO had pushed back the release of the 2011 Yellow Book after issuing the exposure draft almost a year ago, I’m quite sure there are many auditors out there who have been wondering what was up with the Yellow Book. By the end of next week, we’ll all get a sneak peak.

Meanwhile, the GAO has released an interesting video called “Accountability Is Our Middle Name,” providing an overview of the GAO’s mission, operations and impact. The video is available below. Check it out!

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Is there anything that you are especially interested in seeing in the upcoming revision to the Government Auditing Standards? Have the delays affected you? Let us know.

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