Earlier this year, the US Government Accountability Office (GAO) sought comments on revised "Government Auditing Standards" — also called the "Yellow Book" — which accountants use globally to perform audits.
The GAO regularly updates the Yellow Book as it seeks to stay on top of domestic and international auditing standards. Last revised in 2018, the new Standards emphasize the responsibility of leadership for quality management within an audit organization. As a part of this, the Yellow Book establishes processes for managing and monitoring audit quality and requires that a root cause analysis be conducted when deficiencies are found.
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