[Federal Register Volume 71, Number 114 (Wednesday, June 14, 2006)]
[Notices]
[Pages 34360-34361]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-5393]


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GOVERNMENT ACCOUNTABILITY OFFICE


Financial Management and Assurance; Government Auditing Standards

AGENCY: Government Accountability Office.

ACTION: Notice of document availability.

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SUMMARY: One June 9, 2006, the U.S. Government Accountability Office 
(GAO) issued an exposure draft of proposed revisions to Government 
Auditing Standards (GAGAS) (also known as the Yellow Book) (GAO-06-
729g). To help ensure that the standards continue to meet the needs of 
the audit community and the public it serves, the Comptroller General 
of the United States appointed the Advisory Council on Government 
Auditing Standards to review the standards and recommend necessary 
changes. The Advisory Council includes experts in financial and 
performance auditing drawn from all levels of government, private 
enterprise, public accounting, and academia. This exposure draft of the 
standards includes the Advisory Council's suggestions for proposed 
changes. We are currently requesting public comments on the proposed 
revisions in the exposure draft.
    The proposed 2006 revision to GAGAS will be the fifth revision 
since the standards were first issued in 1972. The 206 Yellow Book 
exposure draft seeks to emphasize the critical role of high quality 
government audits in achieving credibility and accountability in 
government. the overall focus of the proposed 2006 revised standards 
includes an increased emphasis on audit quality and ethics and an 
extensive update of the performance audit standards to include a 
specified level of assurance with the context of risk and materiality. 
In addition, this proposed revision modernizes GAGAS, with updates to 
reflect major developments in the accountability and audit environment. 
Clarifications have also been made throughout the standards.

DATES: Comments will be accepted through August 15, 2006.

ADDRESSES: A copy of the exposure draft can be obtained on the Internet 
on GAO's Home Page http://www.gao.gov/govaud/ybk01.htm.

FOR FURTHER INFORMATION CONTACT: Michael Hrapsky, Senior Project 
Manager, at (202) 512-9535 or Jeanette Franzel, Director, Financial 
Management and Assurance at (202) 512-9471.

SUPPLEMENTARY INFORMATION: To ensure that your comments are considered 
by GAO and the Advisory Council in their deliberations, please submit 
them by August 15, 2006. Please send your comments electronically to 
http://[email protected].


[[Page 34361]]


[Public Law 67-13, 42 Stat. 20 (June 10, 1921)]

Jeanette Franzel,
Director, Financial Management and Assurance.
[FR Doc. 06-5393 Filed 6-13-06; 8:45 am]
BILLING CODE 1610-02-M