Proposed Yellow Book out as of 8/23/10

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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!

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