Government Auditing Standards
Generally accepted government auditing standards (GAGAS)—informally known as the Yellow Book—are promulgated under the leadership of the comptroller general of the United States, who heads the U.S. General Accounting Office. The responsibility includes both establishing and revising these standards. The staff of the comptroller general's office is aided by the Advisory Council on Government Auditing Standards, whose members come from units of the federal and state governments, representatives of public accounting firms, and professors of accounting.
The first set of standards was issued in 1972; the second in 1988; the third in 1994. As of mid-2000, a review of the 1994 edition continues. The guidance in the 1994 edition continues to be in effect, except for changes contained in amendments. Two amendments have been issued as of early 2000. The amendments become effective once they are completed. All changes to the Yellow Book are initially presented in exposure draft so that interested parties can comment; these comments are considered in determining the adequacy of any change being proposed.
The Authority of Government Auditing Standards
The Yellow Book includes standards to guide all audits of governmental units, irrespective of the level of the unit. The standards are considered broad statements of auditors' responsibilities.
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