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Published 1 (2021-08-18)

handle is hein.gao/gaombp0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work Memorandum Date: August 18, 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. 81, April through June 2021 To alert you to changes in professional standards, we periodically issue Professional Standards Updates (PSU).1 These updates 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 relevant for o audits of financial statements for periods ending through March 31, 2022; o attestation reports dated through March 31, 2022; and o accounting for reporting periods beginning through July 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 0 0 0 audits of financial statements for periods ending through March 31, 2022; attestation reports dated through March 31, 2022; and accounting for reporting periods beginning through July 1, 2021. * Section III identifies select standards and guidance that were issued from April 2021 through June 2021. 1Previous PSUs can be found in the Related Publications section of https://wwwciao.gov/vellowbook. 2GAO, Government Auditing Standards: 2018 Revision Technical Update April 2021, GAO-21-368G (Washington, D.C.: April 2021).

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