The Governmental Audit Quality Center (GAQC) hosted a member only conference call titled, What You Should Know About the Proposed Revisions to Government Auditing Standards, on July 11, 2006. The main purpose of the call was to provide member firms with a summary of the significant proposed changes to Government Auditing Standards (also known as the Yellow Book) and to allow participants to ask questions about the exposure draft (ED). The call also covered several Yellow Book continuing professional education questions that were submitted in advance. As promised, we have made an archive of the call available on the GAQC Web site for those Center members that were not able to participate on the live call. To listen to the call click here. We recommend that you print the presentation materials and have them for reference as you listen.
Archived conference calls and Webcasts are available to all member firm staff that you have provided with access to the GAQC Web site. As we have done with previous calls, we have posted the questions and answers that were discussed during the call to the GAQC member discussion forum and encourage you to post any additional questions you may have on this topic.
The archived version of this call resides on the GAQC Web site along with other archived calls on topics such as "Avoiding Data Collection Form Problems." To access a listing of other archived calls, click here. You should also note that the GAQC 2006 Annual Webcast, which is require viewing for all member firm designated audit quality partners, is available by clicking here. If you have not viewed the 2006 Webcast, you should consider doing so soon.
Watch future Center communications for announcements of additional calls to be held during the remainder of 2006. Thank you for your continued commitment to improving governmental audit quality.
Background on the Call
The Government Accountability Office (GAO) issued an exposure draft (ED) of proposed revisions to the 2003 edition of Government Auditing Standards in early June. Comments are due on August 15, 2006. The proposed revisions are wide-ranging, are expected to be issued in final form during the fall of 2006, and certain aspects of the revisions that relate to AICPA standards may impact your Yellow Book financial statement audits of entities with December 31, 2006, year-ends. We encourage all member firms to review the ED and submit comments to the GAO.
The first presenter was Jeanette Franzel. Jeanette is Director, Financial Management and Assurance, at the GAO. The second presenter was Marcia Buchanan. Marcia is Assistant Director, Government Auditing Standards, in GAO's Financial Management and Assurance Team. Click here to read more about each presenter's background.
# # # # #
Amanda Nelson, CPA
GAQC Executive Committee
Mary M. Foelster, CPA
AICPA Governmental Auditing and Accounting