The U.S. Government Accountability Office has issued a technical update to Yellow Book. In a very rare move, GAO has made modifications to a handful of paragraphs in the 2018 Yellow Book. The updates address the concept of equity, SKE for nonaudit services, and changes to the evaluation of internal controls for performance audits. Updates were effective upon issuance.
Call to Action: What impact will these changes have on your Yellow Book engagements?
Government Auditing Standards: 2018 Revision Technical Update April 2021 (Supersedes GAO-18-568G): https://www.gao.gov/products/gao-21-368g
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SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
