Proposed Yellow Book out as of 8/23/10
It's here! http://www.gao.gov/new.items/d10853g.pdf
The most signficant proposed change is to independence. Otherwise, the standards have been reorganized and pared down. If the AICPA already says it - the GAO doesn't have to repeat it.
The GAO makes clear their disdain for both drafting and auditing financial statements. Halleluah!
More later as I disect it and teach it!
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.