January 3, 2008
ETA REGIONAL INFORMATION ALERT 027-08
ORIGINATING OFFICE: Region 5
SUBJECT: Notice - Government Auditing Standards: Implementation Tool
PROGRAM(S): Financial Managers
1. Purpose. To transmit notice of availability of a guidance document, Government Auditing Standards: Implementation Tool - Professional Requirements Tool for Use in Implementing Requirements Identified by *Must* and *Should* in the July 2007 Revision of Government Auditing Standards. This Professional Requirements Tool lists the requirements for audit organizations and auditors included in the July 2007 Revision of generally accepted government auditing standards (GAGAS), also commonly known as the Yellow Book.
2. References. Government Auditing Standards: Implementation Tool; July 2007 Revision
3. Links. This Alert is in the Regional Resources website archive at: http://www.doleta.gov/regions/regionalresources/
4. Substance. As described in the July 2007 Revision, GAGAS use two categories of professional requirements, identified by *must* and *should,* to describe the degree of responsibility they impose on auditors and audit organizations. The Professional Requirements Tool contains general requirements for audit organizations, and specific requirements for financial audits, attestation engagements, and performance audits. The general requirements section contains entity-wide requirements for the audit organization and is intended for use in addition to the specific sections for financial audits, attestation engagements, and performance audits, which contain engagement-specific requirements for the auditors conducting the engagement.
This tool does not include explanatory material from the July 2007 Revision of Government Auditing Standards. Audit organizations and auditors should read the entire text of the July 2007 Revision of Government Auditing Standards, including the explanatory material when planning the audit and making professional judgments about compliance with professional requirements.
This guidance document and the July 2007 Revision should be used in conjunction with the following additional guidance documents, which are all available on the Yellow Book Web page at http://www.gao.gov/govaud/ybk01.htm.:
- Government Auditing Standards: Answers to Independence Questions (GAO-02-870G, July 2002)
- Government Auditing Standards: Guidance on GAGAS Requirements for Continuing Professional Education (GAO-05-568G, April 2005).
5. Action: Program administrators are request to share this Information Alert with appropriate staff and other agencies.
7. Contact. Comments or questions about this tool may be directed to Heather Keister on 202.512.2943. Comments or questions about the format of this Alert may be directed to Robert Rainault on 312.596.5416.
8. Expiration Date. Continuing
9. Attachment. None