If you are a movie fan, you are likely looking forward to this summer’s releases of Solo, A Star Wars Story, Incredibles 2, or perhaps Jurassic World: Fallen Kingdom. Well, if you audit governments and/or not-for-profits, another summer blockbuster to watch for is the 2018 Yellow Book revision. It is estimated that the new Yellow Book will arrive at a website near you (i.e. www.gao.gov) around June 30th. The 2018 Yellow Book will be the latest edition of the wildly popular Yellow Book franchise (the last edition was released in 2011).
While we do not know all of the storylines that will make the final cut of the standards, we do have a good feel for one change that has occurred since an exposure draft for the Yellow Book was released last summer. After an April 10th GAO Advisory Council meeting, it appears that a proposal that would have required auditors to take a 4-hour CPE course on the Yellow Book itself as part of the 24-hour Yellow Book CPE requirement will be dropped from the final document.
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Charlie Blanton, CPA is Senior Director of Governmental and Nonprofit Content for Surgent CPE, where he authors Surgent’s government and not-for-profit CPE courses and is a frequent webinar instructor. Charlie has over 25 years of experience in auditing and industry having worked at KPMG, the Texas Society of CPAs, Taylor Publishing, Texas Wesleyan University, and the AICPA.