U. S. GAO Government Auditing Standards Update ”The New ...
[Pages:53]U. S. GAO Government Auditing Standards Update ?
"The New Yellow Book"
CHRISTINE HARDEN, MBA, CPA,CGMA
FEBRUARY 5, 2019
2 0 19 G F OAA 3 5 TH A N N U AL C O NFERENCE
RENAISSANCE MONTGOMERY HOTEL AND SPA AT THE CONVENTION CENTER, M ONTGOMERY, AL
THE NEW YELLOW BOOK
Learning Objectives
1. Inform and teach participants about the changes to the Yellow Book 2. To assist participants in assessing the impact of changes on current practice. 3. To assist participants in complying with the Yellow Book when conducting audits in
conformity with these standards. 4. To assist participants in acquiring valuable CPE.
2018 Yellow Book Revision is Now Available
Summary of Changes
Format Changed to differentiate requirements from application material
Easier to determine what the standard from application material
Supplemental guidance was removed or included in the individual chapters
Independence standard has been expanded as it relates to the preparation of financial statements from client provided trial balances or underlying accounting records
Summary of Changes
Peer review Standard has been modified
A definition for waste is provided
Performance audit standards are updated for situations where internal control is significant to audit objectives
2018 YELLOW BOOK
Let's take a look a closer look at the changes!
2018 YELLOW BOOK
LOOKS DIFFERENT
1. 2018 Yellow Book Format Changed
2. Easier to differentiate between standards and application material
3. Standards are encapsulated in a text box
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