2 July 2003
Source: http://www.access.gpo.gov/su_docs/aces/fr-cont.html

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[Federal Register: July 2, 2003 (Volume 68, Number 127)]
[Notices]
[Page 39567-39568]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02jy03-81]

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GENERAL ACCOUNTING OFFICE


Advisory Council on Government Auditing Standards; Government
Auditing Standards

AGENCY: General Accounting Office.

ACTION: Notice of document availability.

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SUMMARY: David M. Walker, Comptroller General of the United States and
head of the U.S. General Accounting Office (GAO), on Wednesday, June
25, 2003, announced the release of a new edition of ``Government
Auditing Standards'' commonly referred to as the Yellow Book. GAO's
publication of ``Government Auditing Standards'' provides a framework
for ensuring the competence, integrity, objectivity, and independence
of government audits at a time of urgent need for integrity in the
auditing profession and for transparency and accountability in the
management of limited government resources. This fourth revision since
the standards were first published in 1972 will guide audits of
financial and program management not only in Federal agencies, but also
State and local governments, and nonprofit organizations that receive
Federal funds. Bringing the 1994 edition up to date after an extensive
process of consultation with auditors and stakeholders, the standards
incorporate amendments on computer-based information systems, auditor
communication, and auditor independence. The revision strengthens audit
requirements for identifying fraud, illegal acts, and noncompliance;
redefines the types of audits and services covered; provides
consistency of requirements across types of audits; and gives clear
guidance to auditors as they work toward a government that is
efficient, effective, and accountable to the people.
    New standards are applicable for financial audits and attestation
engagements of periods ending on or after January 1, 2004, and for
performance audits beginning on or after January 1, 2004. Early
applications is permissible and encouraged.
    ``Government Auditing Standards'' is available on the GAO Web site
at

[[Page 39568]]

www.gao.gov/govaud/ybk01.htm. Printed copies will be available from the
U.S. Government Printing Office. Also posted on the Web site is a list
of major changes from the 1994 edition.

FOR FURTHER INFORMATION CONTACT: Marcia Buchanan, Assistant Director,
Government Auditing Standards, 202-512-9321.

Jeanette M. Franzel,
Director, Financial Management and Assurance.
[FR Doc. 03-16716 Filed 7-1-03; 8:45 am]

BILLING CODE 1610-03-M