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PSU_No._82 1 (2021-10-28)

handle is hein.gao/gaomis0001 and id is 1 raw text is: GAiO O U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work Memorandum Date: October 28, 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. 82, July through September 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. PSU No. 82 has a revised format compared to previous editions. Standards with implementation dates that were subsequently deferred after final issuance are no longer presented in a separate section, but instead are incorporated into section I. This PSU has two sections: Section I identifies select standards and guidance with current or future effective dates. Section I contains standards effective for o audits of financial statements for periods ending after June 30, 2021; o attestation reports dated after June 30, 2021; and o accounting for reporting periods beginning on or after April 15, 2020. Section II identifies select standards and guidance that were issued from July 2021 through September 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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