The New 2011 Yellow Book: What You Need to Know Now – Member Web Event 


    The purpose of this archived Webcast is to assist participants with understanding the key provisions of the recently issued update to Government Auditing Standards titled, 2011 Internet Version of Government Auditing Standards (2011 Yellow Book), particularly its new independence requirements. Although, the effective date of the 2011 Yellow Book’s financial audit and attestation engagement standards is for periods ending on or after December 15, 2012 (e.g., for December 31, 2012, year-ends), auditors who provide non-audit services need to be independent for the entire audit period. Therefore, auditors need to be familiar and in compliance with the new independence requirements starting January 1, 2012.

    About the Web Event

    The most significant change made in the 2011 Yellow Book relates to its independence standards. The effective date of the 2011 Yellow Book’s financial audit and attestation engagement standards is for periods ending on or after December 15, 2012 (e.g., for December 31, 2012, year-ends). However, auditors who provide non-audit services need to be independent for the entire audit period.  Therefore, those auditors will need to consider the auditor independence requirements of the 2011 Yellow Book prior to the effective date. For example, an auditor performing a December 31, 2012, financial statement audit under Government Auditing Standards will need to comply with the new independence requirements at the beginning of the audit period—that is, January 1, 2012.

    The session will cover the following topics:

    • An overview of the 2011 Yellow Book independence conceptual framework and related additional documentation requirements;
    • An understanding of how the 2011 Yellow Book’s independence rules compare to the AICPA’s rules;
    • Other changes in the standards that you need to be aware of; and
    • A new toolkit being developed by the AICPA to help auditors with some of the 2011 Yellow Book independence documentation requirements when performing non-audit services.

    To get the most out of this session, participants are encouraged to review Chapter 3 of the 2011 Yellow Book in advance of the Webcast. It can be found on the Yellow Book section of the Government Accountability Office (GAO) Web site.

    About the Presenters

    James R. Dalkin, CPA, is a Director in GAO's Financial Management and Assurance Division. Among Jim's responsibilities are the overall responsibility for revising Government Auditing Standards; Standards for Internal Control in the Federal Government (the Green Book); and GAO's work with the accounting and auditing profession. In addition, Jim is an adjunct professor at Georgetown University teaching finance and accounting in the graduate and undergraduate programs.

    Nancy Miller, CPA, is a partner in the Miller Foley Group, a GAQC member firm in Fredericksburg, Virginia. The firm specializes in services to the non-profit and governmental sectors. Nancy chairs the government subgroup of the AICPA Technical Standards Subcommittee of the Professional Ethics Enforcement Committee which has investigated over 400 Yellow Book ethics investigations in the last three years. Additionally, Nancy serves as a member of the GAO's Advisory Council on Government Auditing Standards and is a peer reviewer.

    Lisa Snyder, CPA, is the director of the AICPA's Professional Ethics Division and oversees its ethics enforcement and standard-setting. The Division is also responsible for interpreting the Institute's Code of Professional Conduct and provides guidance to membership, state CPA societies, and other interested parties on ethics and independence issues. Lisa serves as liaison to the Professional Ethics Executive Committee, the Independence Behavioral Standards Subcommittee and the Technical Standards Subcommittee. She also serves as the technical advisor to the U.S. representative on the IFAC International Ethics Standards Board for Accountants.

    Archived Web Event Listening Instructions

    You should print out and have available, The New 2011 Yellow Book: What You Need to Know Now – Member Web Event Slides (PDF or PowerPoint).   

    The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.

    Thank you for your interest in this GAQC Event.

    Click here to view and listen to the Webcast.




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