Addition by Subtraction

February 8, 2012 | By Jerry Ashworth | Post a Comment

The big hullabaloo in the auditing community over the last couple of months centered on the issuance of the 2011 revised Government Auditing Standards — which we in the industry affectionately dub the Yellow Book — and all the new changes related to the new independence framework. However, what may have gotten lost in the shuffle was the departure of another Government Accountability Office document.

The GAO in 2002 issued Government Accounting Standards: Answers to Independence Standards Questions. The document addressed a 2002 amendment to the Yellow Book on independence, and included 92 questions and answers related to those standards. However, the 2011 version introduces new independence procedures, thereby making the 2002 document obsolete.

I’m calling out this change particularly for subscribers to the Single Audit Information Service. It’s not often that subscribers are asked to delete an entire section or document from the Service, but in this case, we want to make sure no one has outdated material in his or her publication. Therefore, if you are a subscriber to the Service, make sure to remove ¶1230. Not only will you remain up-to-date on the latest single audit rules and requirements, but your binder will be a little easier to handle. Even better, for those who receive the online version of the Service, the change will be made automatically.

I think it was Sheryl Crow who sang “A Change Would Do You Good.” In this case, she’s right.

Did you ever rely on the “Answers to Independence Standards Questions?” What’s your take on the new Yellow Book? We’d like to know.


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