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Published 1 (2021-04-26)

handle is hein.gao/gaolkt0001 and id is 1 raw text is: O U.S. GOVERNMENT ACCOUNTABILITY OFFICE G A O A Century of Non-Partisan Fact-Based Work Memorandum Date: April 26, 2021 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 Phyllis Anderson, Assistant Director, FMA; Michael Bingham, Auditor-in-Charge, FMA; and Matthew Gardner, Senior Auditor, FMA Subject: Professional Standards Update No. 80, January through March 2021 To alert you to changes in professional standards, we periodically issue Professional Standards Updates (PSU).1 The purpose of these updates is to highlight the effective dates and issuance of recent standards and guidance related to engagements conducted in accordance with Government Auditing Standards.2 PSUs contain summary information only, and those affected by a change should refer to the respective standard or guidance for details. This PSU has three sections. Section I identifies select standards and guidance coming into effect for the following periods for o audits of financial statements for periods ending on or after January 1, 2021, through December 31, 2021; o attestation reports dated on or after January 1, 2021, through December 31, 2021; and o accounting standards for reporting periods beginning on or after October 15, 2019, through April 1, 2021. Section II identifies select standards and guidance that would have been in effect for the period covered by this update but were deferred. This includes standards and guidance that would have been relevant for o audits of financial statements for periods ending January 1, 2021, through December 31, 2021, and o attest engagements with reports dated on or after January 1, 2021, through December 31, 2021. Section III identifies select standards and guidance that were issued from January 2021 through March 2021. 1The scope of this Professional Standards Update includes standards and related guidance issued from January 2021 through March 2021 to the extent that such materials were publicly available as of March 31, 2021. In preparing this update, we also identified and included certain relevant materials that were issued after March 31, 2021. 2GAO, Government Auditing Standards: 2018 Revision Technical Update April 2021, GAO-21-368G (Washington, D.C.: April 2021).

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