GAO: Government Efficiency and Effectiveness Report

GAO: Government Efficiency and Effectiveness Report

GAO has issued their annual report about ways the federal government can reduce inefficiencies and redundancy across a wide variety of programs and departments. The report gives a status update on the 1,299 actions GAO has recommended since 2011 to address billions of dollars in inefficient and duplicative spending.

Yellow Book Report Updates

Yellow Book Report Updates

While much of the focus of the implementation of SAS 134-140 have been on the financial statement report and the Single Audit report, it is important to note that when the AICPA issued updated examples in their A&A guide, it included changes to the Yellow Book report as well. We’ll review some of the biggest changes to make sure these minor edits are included when issuing GAGAS reports.

Yellow Book Technical Update

Yellow Book Technical Update

GAO has issued a technical update to Yellow Book. In a very rare move, GAO has made modifications to a handful of paragraphs in the 2018 Yellow Book. The updates address the concept of equity, SKE for nonaudit services and changes to evaluation of internal controls for performance audits. Updates were effective upon issuance.