In July 2018, the U.S. Government Accountability Office (GAO) published revisions on new rules reinforcing the principles of transparency and accountability for auditors performing engagements under generally accepted government auditing standards (GAGAS).
The GAO restructured the revisions, also called the Yellow Book, to separate the standard’s requirements from the application guidance.
The new Yellow Book is effective for financial audits, attestation engagements and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019.