The 2024 revision of the Government Auditing Standards, known as the Yellow Book, represents a comprehensive update to the framework that governs the conduct of government audits. This document sets forth the principles and guidelines designed to ensure audits are performed with integrity, objectivity, and independence, aiming to enhance government accountability and improve performance. The revision introduces significant changes to enhance the quality management system within auditing organizations, emphasizing a shift from quality control to a more dynamic quality management approach. This approach allows for flexibility in applying both the Government Auditing Standards (GAGAS) and other standards for various engagements, which is crucial for audit organizations conducting both GAGAS and non-GAGAS engagements.

The Yellow Book outlines the foundational principles for government auditing, including the types of audits (financial, attestation engagements, reviews of financial statements, and performance audits), ethical considerations, the importance of professional judgment, competence, and continuing professional education. Quality management and the necessity of engagement quality reviews and peer reviews are highlighted to ensure that audit organizations adhere to high standards of performance and reporting. This revision also introduces a conceptual framework for independence, detailing requirements for maintaining objectivity and avoiding conflicts of interest, which are vital for the credibility of audit findings.

The standards cover the complete audit process, from planning and conducting engagements to reporting findings and conclusions. This encompasses the assessment of internal controls, compliance with laws and regulations, and the effectiveness and efficiency of government programs and operations. The document is designed to be applicable across a wide range of government entities and programs, offering a guide for auditors to produce audits that are reliable, accurate, and useful for improving government accountability and performance.