GAO releases exposure draft of government auditing standards

Changes address audit quality and transparency, auditor independence, levels of assurance and risk, definitions of material weakness, and more

The Government Accountability Office is inviting comments on the latest proposed changes to the Government Auditing Standards (GAGAS), also known as the Yellow Book.

The fifth set of changes since GAGAS was adopted in 1972, the revisions include more emphasis on audit quality and ethics, specified levels of assurance for risk and materiality, auditor independence, and other issues.

Comments should be submitted by August 15, 2006, to yellowbook@gao.gov.

See full Press Release.