Quiz Tests Knowledge of Yellow Book and Single Audits
Available on the Journal of Accountancy website is a quiz on audit engagements performed under Government Auditing Standards (“Yellow Book”) and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Created by the American Institute of Certified Public Accountants Professional Ethics Division, the quiz aims to test how much auditors know about governmental auditing and single audits. Take the quiz on the Journal of Accountancy website.
GAO Seeks Feedback on Proposed Yellow Book Changes
The U.S. Government Accountability Office (“GAO”) is seeking comments on its proposed revisions to Government Auditing Standards (“Yellow Book”). The exposure draft offers major changes to the 2011 Yellow Book including chapter reorganization, providing additional details on the auditor’s requirements when the engaging party is different from the responsible party, and an update to the internal control requirements and guidance. Comments on the proposed Yellow Book changes are due Thursday, July 6. More on the proposed amendments to the Yellow Book is available on GAO.gov.