The Government Accountability Office has released a new revision of the Government Auditing Standards, also known as the Yellow Book, which contains standards and guidance for federal audit organizations.
The 2024 revision includes a risk-based process for achieving quality management goals, a shift to a quality management approach, provisions for optional engagement quality reviews of generally accepted government auditing standards engagements and application guidance on audit matters for financial audits, the GAO said Thursday.
“This latest update enhances and modernizes the standards to perform high-quality audit work with competence, integrity, objectivity, and independence using a proactive and risk-based approach,” said Gene Dodaro, comptroller general of the United States and the head of the GAO.
Audit organizations must design and implement their system of quality management by Dec. 15, 2025, in accordance with the new revision.