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10/31/2024 | News release | Distributed by Public on 10/31/2024 15:29
GAO Releases New Government Auditing Standards for 2024
The U.S. Government Accountability Office (GAO) has recently released the 2024 revision of Government Auditing Standards, also known as the "Yellow Book." This revision brings significant updates to the standards that govern financial audits, attestation engagements, reviews of financial statements, and performance audits conducted in the United States.
The GAO, as the governing body, sets the Government Auditing Standards. The Comptroller General of the United States appoints an esteemed Advisory Council on Government Auditing Standards, comprising financial and performance auditing experts from federal, state, and local government, private enterprise, public accounting, and academia. This Council plays a pivotal role in reviewing the standards periodically and recommending necessary changes.
The Government Auditing Standards 2024 Revision provides a framework for performing high-quality audit work with competence, integrity, objectivity, and independence. Such performance provides accountability and helps improve government operations and services. These standards are commonly referred to as generally accepted government auditing standards (GAGAS) and provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process.
The 2024 revision introduces several key changes that are set to significantly impact the auditing process. These changes include:
- Emphasis on quality management: The standards now place greater emphasis on audit organizations' leadership proactively managing quality on their engagements.
- Scalability: The approach promotes a scalable system of quality management that can be adapted to fit the size and complexity of different audit organizations.
- Risk-based approach: A risk-based process is introduced to achieve the objectives of quality management.
- Transition from quality control to quality management: The standards shift from a focus on quality control to a broader emphasis on quality management.
Overall, the 2024 revision aims to enhance the quality and consistency of government audits, improve public trust in financial reporting, and strengthen accountability.
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This entry was posted on Thursday, October 31st, 2024 at 5:17 pm and is filed under Government Accountability Office (GAO). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.