[Federal Register Volume 75, Number 181 (Monday, September 20, 2010)]
[Notices]
[Pages 57274-57275]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-23374]


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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: On August 23, 2010, the U.S. Government Accountability Office 
(GAO) issued an exposure draft of

[[Page 57275]]

proposed revisions to Government Auditing Standards (GAGAS) (also known 
as the Yellow Book). To help ensure that the standards continue to meet 
the needs of the audit community and the public it serves, the Acting 
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 2010 revision to GAGAS will be the sixth revision 
since the standards were first issued in 1972. The 2010 Yellow Book 
exposure draft seeks to emphasize the critical role of high quality 
government audits in achieving credibility and accountability in 
government. The proposed changes contained in the 2010 Exposure Draft 
update GAGAS to reflect major developments in the accountability and 
audit profession and emphasize specific considerations applicable to 
the government environment. In addition, this proposed revision 
modernizes GAGAS, with updates to reflect major developments in the 
accountability and audit environment, including a conceptual framework 
approach for independence. Clarifications have also been made 
throughout the standards.

DATES: Comments will be accepted through November 22, 2010.

ADDRESSES: A copy of the exposure draft (GAO-1O-853G) can be obtained 
on the GAO Internet page http://www.gao.gov/govaud/vbkOl.htm.

FOR FURTHER INFORMATION CONTACT: Michael Hrapsky, Specialist, Auditing 
Standards at (202) 512-9535.

SUPPLEMENTARY INFORMATION: To ensure that your comments are considered 
by GAO and the Advisory Council in their deliberations, please submit 
them by November 22, 2010. Please send your comments electronically to 
yeJlowbookgao.gov.
    Public Law 67-13, 42 Stat. 20.

James R. Dalkin,
Director, Financial Management and Assurance.
[FR Doc. 2010-23374 Filed 9-17-10; 8:45 am]
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