Understanding the Timing of the 2024 Yellow Book

The Government Accountability Office has released the 2024 revisions to the Government Auditing Standards (GAGAS), also known as the Yellow Book. While we applaud GAO for its hard work on this effort, its verbage stating the the 2024 version "supersedes" the 2018 version may create confusion among auditing firms that may assume the new standards are immediately effective. In this video, Thompson Grants clarifies the effective dates of in the revision, and discusses some key changes so that audit organizations know how to prepare for the updates within the 2024 Government Auditing Standards.