In 2018, the GAO asked us to evaluate the auditee against the COSO model of internal controls. Now in 2024, the GAO is asking us to apply COSO concepts to our own audit organization. Karma!
GAO Yellow Book standards
6 Quality Objectives for Government Engagements
Chapter 5 of the 2024 Yellow Book specifies 6 engagement quality objectives. Audit teams use these objectives to assess quality risk and design responses to address those risks. Be careful… These objectives overlap quite a bit!
Monitoring vs. Evaluation
The recently-published 2024 Yellow Book changed its audit quality control standards. Previously, an annual monitoring report was a requirement. Now, there’s an annual evaluation report with a conclusion regarding the strength of the quality management system. Check out this contrast for more clarity on the standard’s new expectations.
Response to the 2023 Exposure Draft of GAGAS
In a letter to the GAO, Leita Hart-Fanta addresses multiple inconsistencies in the Yellow Book, including comments on the 2023 exposure draft of GAGAS.
What are Government Auditing Standards?
Government auditing standards have many aliases: Yellow Book Standards, Generally accepted government auditing standards, GAGAS, GAO auditing standards. So hopefully, you are in the right spot!
Audit Peer Review Checklist
This post provides a checklist for your next Audit Peer Review.
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