In case anyone missed it over the recent holidays, the Government Accountability Office issued the final version of the 2011 Government Auditing Standards. And since the new Yellow Book is effective for financial audits and attestation engagements for periods ending on or after Dec. 15, 2012, and for performance audits beginning on or after Dec. 15, 2011, the GAO issued the revision just in time!

The final version supersedes an internet version posted last summer and contains relatively few substantial changes. The final version had been delayed as the GAO awaited the American Institute of Certified Public Accountants’ work on its clarity project.

Look for more information on the revised Yellow Book in the February issue of the Single Audit Information Service, and more in-depth coverage in subsequent issues. Also check our audio conference schedule in the next few months to find out more about the Governmental Auditing Standards and other important grants-related topics. It’s always great to start a new year with something big to talk about!

What are your impressions about the revised Yellow Book? Did the GAO make it easier or harder to conduct an audit? Let us know.