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Published 1 (2020-09-11)

handle is hein.gao/gaobaebro0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE Memorandum Date: September 11, 2020 To: GAO's Financial Management and Assurance Team (FMA) Council of the Inspectors General on Integrity and Efficiency Financial Audit Community From: James R. Dalkin, Director, FMA Christina Quattrociocchi, Michael Bingham, Rebecca Riklin, Grant Simmons, and Phyllis Anderson Subject: Professional Standards Update No. 78, April through June 20201 To alert you to changes in professional standards, we issue Professional Standards Updates (PSU). The purpose of these updates is to highlight the effective dates and issuance of recent standards and guidance related to financial audits or attestations. PSUs do not contain a complete summary of the standards. Those affected by a new standard should refer to that standard for details. This PSU has three sections. * Section I identifies selected standards and guidance relevant for audits of financial statements for periods that ended in June 2020 through September 2020 that are coming into effect for the first time. * Section II identifies selected standards and guidance relevant for audits of financial statements for periods ending June 2020 through September 2020 that would have been effective but-as of August 2020-have been deferred. * Section III identifies selected standards and guidance that were issued from April 2020 through June 2020 for financial audits and attestation engagements. 1The scope of this Professional Standards Update includes standards and related guidance issued from April 2020 through June 2020 to the extent that such materials were publicly available as of June 30, 2020. In preparing this update, we also identified and included certain relevant materials that were issued after June 30, 2020.

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