Government Auditing Standards (2017)

The GAO issued an Exposure Draft of its 2017 Yellow Book in April 2017. The Exposure Draft is a modernized version of Government Auditing Standards that takes into account developments in the auditing, accountability, and financial management professions. Many of the new provisions address quality control issues identified by federal agencies and the AICPA. The comment period was over in July 2017 and the GAO is expected to issue the standards in late 2017 or early 2018 with effective dates for December 31, 2017 financial statement audits and thereafter. The new standards will require that auditors take 4 hours of CPE on this new Yellow Book to be repeated every time a new Yellow Book is issued. This course will meet that requirement. It will cover the Yellow Book requirements for financial statement audits, attestation engagements and performance audits.