Revisions to Government Auditing Standards proposed by GAO.In June 2006, the Government Accountability Office The Government Accountability Office (GAO) is the audit, evaluation, and investigative arm of the United States Congress, and thus an agency in the Legislative Branch of the United States Government. issued an exposure draft of proposed revisions to the 2003 revision of Government Auditing Standards (the Yellow Book). The proposed changes are wideranging and expected to be issued in final form during the fall of 2006. The ED, which contains a list of the changes being proposed, can be found on the GAO Web site at www.gao.gov/govaud/ybk01.htm.Comments on the ED are due Aug. 15, 2006. When issued in final form, the 2006 revision of Government Auditing Standards will supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. the 2003 revision. The GAO is proposing that the standards for financial audits and attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her engagements be effective for audits of periods ending on or after July 1, 2007 (however, they note certain standards issued by the AICPA's Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public that are incorporated into the proposed revision would have to be implemented in accordance with the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). effective dates). For performance audits, the standards are proposed to become effective for audits beginning on or after July 1, 2007. |
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