2014 Green Book Announced by the GAO
Replacing the edition issued in November 1999, an update to the Standards for Internal Control in the Federal Government (2014 Green Book) has been issued by the Government Accountability Office (“GAO”). With more in-depth information than before, the 2014 Green Book retains the five components of internal control from previous versions and offers 17 new principles that detail management’s responsibilities to implement and manage an effective internal control system.
The 2014 Green Book goes into effect starting fiscal year 2016 and will pertain to the Federal Managers’ Financial Integrity Act reports from that year. Federal management can choose early adoption of the 2014 Green Book. Further, state, local, and quasi-governmental entities, along with nonprofit organizations, can adopt the new Green Book standards as a framework for an internal control system.