Another question about my article "For the Orange" | AccountingWEB

Another question about my article "For the Orange"

Another question about my article "For the Orange":

Leita,

I just read your abbreviated comparison between Yellow and Red.

I found your comparison insightful – thanks.

My current world is all Yellow; however, I have a question as to which color might apply to me in another life, strange huh?

I am a school board trustee – thus, where do school district internal audit shops fall in this whole color scheme?

Since school districts are funded through public tax dollars (local, state & federal)…are they governmental (Yellow)…subject to IAA of TX (Red)…or something entirely different?

Just wondering?

Hi!

Most internal audit shops prefer to follow IIA standards.  The GAO's yellow book is written from an external audit perspective – so it has challenges for internal auditors that frustrate them.  So, if you have a choice, I recommend you go with the IIA's red book.

Thanks for reading!

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Governmental auditors unite! Leita Hart-Fanta, CPA, CGFM, and CGAP is the author of “The Yellow Book Interpreted” and owner of Yellowbook-CPE.com a website devoted to training for governmental auditors. Whether you are an internal auditor or monitor for a government entity or a CPA doing grant audits, you will enjoy Leita’s humorous take on the complexity of auditing in the government environment.

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