Revisions to Government Auditing Standards proposed by GAO.

In June 2006, the Government Accountability Office issued an exposure draft of proposed revisions to the 2003 revision of Government Auditing Standards (the Yellow Book). The proposed changes are wideranging and expected to be issued in final form during the fall of 2006. The ED, which contains a list of the changes being proposed, can be found on the GAO Web site at www.gao.gov/govaud/ybk01.htm.Comments on the ED are due Aug. 15, 2006.

When issued in final form, the 2006 revision of Government Auditing Standards will supersede the 2003 revision. The GAO is proposing that the standards for financial audits...