[Federal Register Volume 68, Number 127 (Wednesday, July 2, 2003)]
[Notices]
[Pages 39567-39568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-16716]


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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