The U.S. Government Accountability Office released the Yellow Book exposure draft today, and would like to receive public comment on the proposed changes. Some of the key proposed changes to the Yellow Book include:
• A new format.
• Updated internal control requirements and guidance.
• Revised CPE requirements to ensure greater auditor proficiency in GAGAS.
• Revised peer review requirements.
• New requirements for reporting waste that is detected during an audit.
ALGA's Professional Issues Committee will be crafting an association response to the exposure draft. If you would like to participate in providing comments on the Yellow Book proposed changes please contact PIC Chair Larry Stafford prior to May 1.
The GAO's due date for comments is July 6, 2017.