{"id":123680,"date":"2024-03-21t11:55:03","date_gmt":"2024-03-21t15:55:03","guid":{"rendered":"\/\/www.g005e.com\/?p=123680"},"modified":"2024-08-29t23:53:35","modified_gmt":"2024-08-30t03:53:35","slug":"auditing-standards-yellow-book-updated","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/03\/21\/auditing-standards-yellow-book-updated\/","title":{"rendered":"auditing standards \u2018yellow book\u2019 updated"},"content":{"rendered":"

\"words<\/strong><\/p>\n

the changes are more than just technical.<\/strong><\/p>\n

by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

america has a wealth of governments. they\u2019re all over the place. municipal governments. county governments. parishes, boroughs, villages, hamlets. special purpose local governments. school districts, fire districts, tax districts. independent authorities, tribal councils and councils of governments. state governments, territorial governments and, of course, the big one in washington, district of columbia, with its thousands of branches, arms and agencies.<\/p>\n

love them or hate them, there they are. tens of thousands of governments. and they all have one thing in common: they need to be audited.<\/p>\n

more: <\/b>firms culling clients as staffing woes persist<\/a> | revenue up at 59% of accounting firms \u2026 and more good news<\/a> | chatgpt for the reluctant accountant<\/a> | survey shows challenges, priorities shifting<\/a> | can big data spot financial fraud?<\/a> | accountants torn over 2024 economy, offer advice<\/a> | survey: are you offering the right services?<\/a> | survey: 42% of accountants turn away work over staff shortages<\/a> | talent gap widening: be very scared<\/a>
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or, to put it another way, they need auditors.<\/p>\n

being governments, their accounting and auditing standards are different from those of nongovernmental entities.
\n
\nthe generally accepted government auditing standards are detailed in a document officially titled \u201cgovernment auditing standards\u201d but known to friends as \u201cthe yellow book,\u201d its cover being the color of america\u2019s brighter brands of mustard.<\/p>\n

the yellow book was revised in february of this year, an update that supersedes the 2018 edition and its 2021 technical update.<\/p>\n

and this version is more than just technical.<\/p>\n

an update of philosophy<\/strong><\/p>\n

some of the revisions are crucial, even quietly, philosophically revolutionary.<\/p>\n

chapter five, for example, overhauls the concept of quality control. the revised chapter, \u201cquality management, engagement quality reviews, and peer review\u201d replaces the old chapter five, \u201cquality control and peer review.\u201d<\/p>\n

see the difference? it changes quality control to quality management.<\/p>\n

the new guidelines emphasize the responsibility of the audit organization\u2019s leadership to proactively manage the quality of its engagements. it requires a quality management risk assessment process for designing, implementing and operating a system of quality management.<\/p>\n

conscientious flexibility<\/strong><\/p>\n

in one sense, the chapter five requirements demand better, more conscientious performance. but at the same time, the chapter allows conscientious flexibility, recognizing that a system of quality management will vary based on such circumstances as size, number of offices, geographic dispersion, the capabilities of personnel, the complexity of the engagement, and cost-benefit considerations.<\/p>\n

other key changes include:<\/p>\n