Congress established the OIGs to prevent and detect fraud, waste, abuse, and mismanagement in agencies' programs and operations; conduct and supervise audits and investigations; and recommend policies to promote economy, efficiency, and effectiveness. #share_this{ margin: 26px 0 5px;

Published: Aug 25, 2020. #header #stayconnected_link { } Apr 27, 2020, March 16, 2020, letter commenting on PCAOB's Concept Release, "Potential Approach to Revisions to PCAOB Quality Control Standards", D21552:

Publicly Released: Jun 8, 2020. }

color: #084A94; The IG Act of 1978 recognized independence as key to IG effectiveness. height: 20px; This letter provides GAO’s response to the American Institute of Certified Public Accountants’ (AICPA) exposure draft and invitation to comment, Maintaining the Relevance of the Uniform CPA Examination.

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GAO promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States... td { vertical-align: middle; padding: 5px 0px; }. This letter provides GAO's response to the exposure draft, Proposed Revisions to the Non- Assurance Services Provisions of the Code. The new Yellow Book clearly informs firms which services create threats and may require application of safeguards and which create significant threats to independence. #header .bg_tooltip_close {

} This letter provides GAO's response to the exposure draft, Proposed Revisions to the Fee-related Provisions of the Code. GAO promulgates generally accepted government auditing standards (GAGAS) in the United States. GAO is providing reform options for Congress to consider to strengthen IG independence. 3.87, the AICPA Code neither prohibits nor dictates that such services automatically create threats or significant threats to independence requiring analysis and documentation.

GAO also plays a role in overseeing IGs by conducting audits of individual OIGs at the request of committees and members of Congress and by providing technical assistance to Congress on OIG issues. Published: Sep 15, 2020. .pdf-link a { GAGAS Amendment 3: Independence In all matters relating to the audit work, the audit organization and the individual auditor, whether government or public, should be free both in fact and appearance from personal, external, and organizational impairments to independence.

youngc1@gao.gov.

The standards apply to both financial and performance audits of government agencies. Jul 13, 2020, April 28, 2020, letter commenting on IESBA's January 2020 Exposure Draft, "Proposed Revisions to the Non-Assurance Services Provisions of the Code", D21679: #header .bg_tooltip h1 { Professional Standards Updates (PSUs) summarize recently-issued standards of major auditing and accounting standard setting bodies. Archived Web Events on the 2018 Yellow Book Government Auditing Standards 2018 Revision (Supersedes GAO-12-331G) GAO-18-568G: Published: Jul 17, 2018. #header .bg_tooltip_close a{ "Acceptable level," means that a reasonable and informed third party would conclude that the firm could perform the audit without compromising its professional judgement. Find Recent Work on Auditing and Financial Management, SBA Generally Incorporated Key Elements for Estimating Subsidy Cost of 7(a) Program, Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement Audits, A Long-Term Plan Is Needed for Fiscal Sustainability, Actions Needed to Improve Grant Application Reviews and Oversight of Care Facilities, DOD Needs to Implement Comprehensive Plans to Improve Its Systems Environment, DOD-Wide Strategy Needed to Address Control Issues and Improve Reliability of Records, Improvements Needed in Controls over the Processes Used to Prepare the U.S. Consolidated Financial Statements, Substantial Progress Made since Enactment of the 1990 CFO Act; Refinements Would Yield Added Benefits, Improvements Needed to Ensure Reliability and Accuracy in DOE's Risk Assessments and Reporting, Review of Federal Agencies' Compliance with the 2019 Annual Inflation Adjustment Requirements, Department of Energy's Contract Management for the National Nuclear Security Administration and Office of Environmental Management - High Risk Issue, DOD Business Systems Modernization - High Risk Issue, DOD Financial Management - High Risk Issue, U.S. Government's Environmental Liability - High Risk Issue. vertical-align: top; #header #contact_gao {

} Published: Jun 8, 2020. GAO has issued two alerts that highlight Yellow Book audit considerations given the circumstances related to the pandemic. background-color: #069; The comment letters discuss technical issues related to ethics, quality control, accounting, auditing, and attestation standards.

} Publicly Released: Aug 6, 2020.

Auditors of federal, state, and local government programs use these standards to perform their audits and produce their reports. to an audited entity’s general ledger; b. preparing certain line items or sections of the financial Otherwise, the Code requires firms to apply professional judgment in determining the need to analyze whether financial statement preparation or bookkeeping services not addressed in the Code create threats to independence. 3.88) that preparation of a client's financial statements in their entirety (from a client's trial balance or underlying accounting records) creates significant threats to independence requiring the application of safeguards that reduce the threat(s) to an acceptable level. #header #connected_list li { width: 300px; color: #084A94; Publicly Released: Aug 25, 2020. The IG Act of 1978 recognized independence as key to IG effectiveness. float: right; Advisory Council members serve 4-year terms and may be reappointed by the Comptroller General. } color: #084A94; display: inline !important; color: #fff;

Ensuring the independence of inspectors general (IG) is critical to the credibility and effectiveness of offices of inspector general (OIG). (AICPA, Professional Standards, ET sec. Publicly Released: Sep 9, 2020. Published: Jun 10, 2020.

approved to the entity’s trial balance; and. The Government Accountability Office (GAO) published a revised version of the Generally Accepted Government Auditing Standards (GAGAS, also known as the Yellow Book), which includes substantive changes to the independence rules when a firm performs bookkeeping or financial statement preparation services for a client. GAO promulgates generally accepted government auditing standards (GAGAS), which provide professional standards for auditors of government entities in the United States. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, Feb 28, 2020, January 31, 2020 letter commenting on American Institute of Certified Public Accountants Auditing Standards Board's November 2019 Consultation Paper, "Proposed Strategy and Work Plan", D21342: Publicly Released: Jun 17, 2020.

Listed below are comment letters relating to auditing standards and other topics of interest to the accounting and auditing community. { This letter includes information on key independence principles and provides reform options Congress could consider.

background-color: #FEFDF7; Published: Sep 30, 2020. } } Auditors who are unable to apply sufficient safeguards should not perform both the nonaudit and audit services, as independence would be considered impaired. padding: 0px !important; Firms will also need to factor in additional time and consideration in applying these new provisions and preparing documentation to support the application in their work papers. background: none !important;

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