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GAO re­vises Yel­low Book for first time since 2011

Wash­ing­ton, D.C. — The Govern­ment Ac­count­abil­ity Of­fice re­leased an up­dated edi­tion of the so-called “Yel­low Book” on Gen­er­ally Ac­cepted Govern­ment Au­dit­ing Stan­dards, the first re­vi­sion since 2011.

The Yel­low Book is used by govern­ment au­di­tors at the fed­eral, state and lo­cal lev­els. One of the main changes in the lat­est edi­tion is a new for­mat that dis­tin­guishes re­quire­ments from ap­pli­ca­tion guid­ance. The book also in­cludes up­dated in­de­pen­dence re­quire­ments for au­di­tors who pre­pare the fi­nan­cial state­ments of au­dited en­ti­ties, along with re­vised peer re­view re­quire­ments for au­dit or­ga­ni­za­tions. There’s also new guid­ance to ad­dress waste and abuse as de­fined un­der govern­ment au­dit­ing stan­dards, as well as up­dated in­ter­nal con­trol guid­ance for per­for­mance au­dits.

To make sure the new stan­dards meet the needs of govern­ment au­di­tors, U.S. Comptroller Gen­eral Gene Do­daro, who heads the GAO, set up an ad­vi­sory coun­cil to re­view the pro­posed changes. The new edi­tion re­flects the ad­vi­sory coun­cil’s feed­back, along with sug­ges­tions re­ceived dur­ing a pub­lic com­ment pe­riod.

NASBA and AICPA sign pact with CPA Aus­tralia

New York — The Na­tional As­so­ci­a­tion of State Boards of Ac­coun­tancy and the Amer­i­can In­sti­tute of CPAS’ U.S. In­ter­na­tional Qual­i­fi­ca­tions Ap­praisal Board have signed a mu­tual recog­ni­tion agree­ment with CPA Aus­tralia.

The agree­ment will of­fer an ab­bre­vi­ated qual­i­fi­ca­tion path­way for el­i­gi­ble ac­count­ing pro­fes­sion­als in the U.S., Aus­tralia and New Zealand to prac­tice in the part­ner coun­tries. Un­der the deal, qual­i­fied U.S. CPAS will be el­i­gi­ble to ob­tain the CPA Aus­tralia cre­den­tial, which is a path­way to get­ting au­dit rights in Aus­tralia and New Zealand, if the hold­ers meet spe­cific el­i­gi­bil­ity re­quire­ments.

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