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The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: Independence; Due care
The accompanying press release states that the GAO 'cannot render an opinion on the 2010 consolidated financial statements of the federal government, because of widespread material internal control weaknesses, significant uncertainties, and other limitations'. [21]
Internal control structure is a plan determining how internal control consists of these elements. [3] The concepts of corporate governance also heavily rely on the necessity of internal controls. Internal controls help ensure that processes operate as designed and that risk responses (risk treatments) in risk management are carried out (COSO II ...
The US Government Accountability Office (GAO) promulgates the Yellow Book. In July 2018, GAO issued a new revision of the Yellow Book , which supersedes the 2011 revision. The 2018 revision is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for ...
On February 15, 2008, Walker announced that he was resigning from GAO to head The Peter G. Peterson Foundation. Eugene Louis Dodaro became acting comptroller general of the United States on March 13, 2008, and was subsequently appointed by the president on September 22, 2010, and confirmed by the Senate on December 22, 2010, as the comptroller ...
The 2004 update to Circular A-123 is a re-examination of the existing internal control requirements for Federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes-Oxley Act of 2002. The circular and the statute it implements, the Federal Managers’ Financial ...
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In January 2009, COSO published its "Guidance on the monitoring of internal control systems" to clarify the internal control monitoring component. Over time, effective monitoring can lead to organizational efficiencies and reduced costs associated with public information about internal control because problems are identified and addressed ...