The U.S. Government Accountability Office has issued the Jan. 2007 revision of Government Auditing Standards. The standards emphasize the critical role of government audits in achieving credibility and accountability in government, with an increased focus on the ethical principles underlying the work of those who audit government programs and activities.

This new version, which supersedes the 2003 revision, contains the final 2007 revisions to the standards, except for the quality control and peer review sections in chapter 3. Concurrent with the electronic issuance of this revision of the Yellow Book, the GAO is exposing for comment redrafted sections on quality control and peer review in response to the wide range of comments it received on those sections. The complete 2007 revision of Government Auditing Standards will be available after the quality assurance and peer review sections are finalized and incorporated into the standards. It will be effective for financial audits and attestation engagements for periods beginning on or after Jan. 1, 2008, and for performance audits beginning on or after Jan. 1, 2008. Early implementation is permissible and encouraged.

Electronic versions of the documents can be accessed on the Web:
www.gao.gov/govaud/ybk01.htm