Tax & AccountingApril 20, 2021
GAO Publishes Technical Update to the 2018 Revision of the Yellow Book
GAO Publishes Technical Update to the 2018 Revision of the Yellow Book
The U.S. Government Accountability Office (GAO) has issued technical updates to the 2018 Revision of Generally Accepted Government Auditing Standards (GAGAS), also known as the “Yellow Book.”
The Yellow Book
The Yellow Book provides standards and guidance for auditors and audit organizations. It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. Auditors of federal, state, and local government programs use these standards to perform their audits and produce their reports.
The GAO first issued the Yellow Book in 1972. The GAO issued a major revision of the Yellow Book in 2018. The 2018 amendments modernized GAGAS and covered developments in the auditing, accountability, and financial management professions since the previous Revision made in 2011.
Technical Update April 2021
The GAO set out the 2021 technical updates and the original 2018 Revision in a side by side comparison table on pages i. and ii. in front of the Contents page of the Yellow Book.
In addition to the Technical Update April 2021, the GAO issued accessible text of the same document.
Yellow Book revisions undergo an extensive process, including public comments and input from the Comptroller General's Advisory Council on Government Auditing Standards. GAO considers these comments and input in finalizing revisions to the standards.
Effective Dates
The 2018 revision of the Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted.
The amendments included in the 2018 Revision of the Yellow Book, Technical Update April 2021, are effective upon issuance.
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