Report On The Revision Of The

Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. 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, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.

This edition includes the authoritative standards and interpretations applicable to preparation, compilation, and review engagements. These standards provide the requirements for practitioners performing these engagements. In addition to SSARS No. 21, which is now effective, this edition includes the newly released Statements on Standards for Accounting and Review Services (SSARS): SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018. SSARS No. 24 creates a new section, AR-C section 100, Special Considerations— International Reporting Issues, to provide requirements and guidance when an accountant is engaged to perform a compilation or review in either of the following circumstances: The financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country. The compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards. Additional significant changes attributed to SSARS No. 24 include amendments to the following sections: AR-C Section 60, General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services AR-C Section 90, Review of Financial Statements This codification is fully indexed and arranged by subject. The guidance (and related interpretations to the extent applicable) help apply the standards in specific circumstances and clearly show amendments, deleted or superseded portions, and conforming changes due to the issuance of other authoritative guidance.