The United States General Accounting Office (GAO) announced in late June its release of a new edition of Government Auditing Standards, commonly referred to as the Yellow Book. The release marks the fourth revision since the standards were first issued in 1972. The latest revision makes changes to standards in the following three areas:

• Redefining the types of audits and services covered by the standards, including an expansion of the definition of performance auditing to incorporate prospective analyses and other studies, and adding attestation as a separate type of audit;
• roviding consistency in the fieldwork and reporting requirements among all types of audits defined under the standards, and
• Strengthening the standards and clarifying the language in areas that, by themselves, do not warrant a separate amendment to the standards. 

In releasing the standards, GAO Comptroller General David M. Walker emphasized that auditors, as performance and accountability specialists, should not be satisfied with complying with the minimum standards, but should strive to do the right thing according to the facts and circumstances of each audit situation, according to a GAO press statement. He called on auditors to seek opportunities to perform additional work when and where it is appropriate, particularly in connection with testing and reporting on internal control.

For more information, visit www.nysscpa.org to link to the GAO website or go directly to www.gao.gov.