Auditing Standards
Government audit organizations generally utilize established standards to conduct performance audits. In the United States, audit organizations use either Generally Accepted Government Auditing Standards, known as the Yellow Book, or the Insitute of Internal Auditors's International Professional Practices Framework, known as the Red Book.
The US Government Accountability Office (GAO) promolgates the Yellow Book. The GAO issued the current edition in December 2011, which is referred to as the 2011 Standards. For performance audits, provisions of the 2011 Standards guide any performance audit starting after December 15, 2011. The effective date for financial audits and attestation engagements is for periods ending on or after December 15, 2012.
Read more about this topic: Government Performance Auditing
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