GAO Issues Proposed 'Yellow Book' Changes
June 9, 2006
The Government Accountability Office has issued proposed changes to Government Auditing Standards, commonly known as the "Yellow Book." The overall focus includes an increased emphasis on audit quality and ethics, an update of performance audit standards, and modernization of GAGAS to reflect developments in the accountability and audit environments. In many cases, GAGAS terminology has been revised to be consistent with standards recently adopted by the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants (AICPA). For example, the definitions of significant deficiency and material weakness as defined in AICPA Statement on Auditing Standards (SAS) No. 112 will be incorporated into GAGAS.
When issued in final form, the 2006 revision will supersede the 2003 revision of the standards. The GAO anticipates that the standards will become effective for financial audits for fiscal years ending on or after July 1, 2007 and for performance audits beginning on or after July 1, 2007. For financial audits, certain standards issued by the Auditing Standards Board of the AICPA have earlier effective dates. For financial audits performed under GAGAS, the effective dates of the new ASB standards will apply.
The draft of the proposed changes is available only in electronic format and can be downloaded from GAO's Yellow Book Web Page. Two helpful enclosures are included--a summary of major changes and questions for commenters. The comment deadline is August 15, 2006.
NACUBO Resource: Sue Menditto, director, accounting policy.
- Tuition Increases Slow, While Student Loan Borrowing Declines, College Board Reports
- IRS Response to NACUBO on 1098-T Penalties Offers No Relief
- IRS Publishes Final Rules on Overpayments of Arbitrage Rebate on Tax-Exempt Bonds
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis