Government Auditing Standards (the “Yellow Book”) contains standards for audits of government organizations, programs, activities, and functions, and of government assistance received by contractors, nonprofit organizations, and other non-government organizations. These standards often referred to as generally accepted government auditing standards (GAGAS), are to be followed by auditors and audit organizations when required by law, regulation, agreement, contract, or policy. These standards pertain to auditors’ professional qualifications, the quality of audit effort, and the characteristics of professional and meaningful audit reports. [1]
Website: GAO Government Auditing Standards (The Yellow Book)
To help ensure that Government Auditing Standards (the “Yellow Book”) continues to meet the needs of the audit community and the public it serves, the Comptroller General of the United States appointed the Advisory Council on Government Auditing Standards to review the standards and recommend necessary changes. The Council includes experts in financial and performance auditing drawn from all levels of government, private enterprise, public accounting, and academia.
In February 1997, the Advisory Council on Government Auditing Standards endorsed a revised approach of issuing individual standards issue-by-issue. The approach will continue the practice of exposing all revisions for public comment as the Council reaches consensus on a particular issue. The Council will consider those comments in making recommendations to the Comptroller General of the United States in finalizing revisions to the standards. When the Comptroller General issues a revised standard, the electronic version of Government Auditing Standards will be immediately codified, with a periodic codification of the standards into the printed book format. This revised approach was adopted in order to provide more timely revision of the standards for emerging audit issues. [1]
AcqLinks and References:
- DoD Manual 7600.07 “DoD Audit Manual” – 2 Aug 2015
- DoD Manual 7600.01-M “DoD Audit Manual” – 13 Feb 2009
- DoD Instruction 7600.02 “Audit Policies” – 27 April 2007
- DoD Instruction 7650.02 “GAO Reviews and Reports,” – 20 Nov 2006
- Comptroller General of the United States Guidance, “Government Auditing Standard Guidance on GAGAS Requirements for Continuing Professional Education” – April 2005
- DFARS Subpart 237.2 “Advisory and Assistance Services”
- DCAA 7641.90 “Auditing Contractor Information” – Jan 2005
- Example: Purdue University “Internal Office Audit Plan” – 2005
- Template: Internal Audit Plan, U.S. Department of Housing and Urban Development
- Website: DoD Office of Deputy Inspector General of Auditing
- Website: Defense Contract Audit Agency (DCAA)
- Website: DCAA 7640.1 “Contract Audit Manual”
- Website: FAR Part 42 “Contract Administration and Audit Services”