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Published 1 (2024-10-29)

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GAOUS. GOVERNMENT ACCOUNTABILITY OFFICE


Memorandum


Date:        October 29, 2024


To:          GAO's  Financial Management and Assurance (FMA) Team
             Council of the Inspectors General on Integrity and Efficiency
             Financial Audit Community

From:        James  R. Dalkin, Director, FMA
             Phyllis Anderson, Assistant Director, FMA; Matthew Gardner, Auditor-in-Charge, FMA

Subject:     Professional Standards Update No. 94, July through September 2024

To alert you to changes in professional standards, we periodically issue Professional Standards Updates
(PSU).1 These updates highlight the effective dates of recently issued 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 two sections:

  *  Section I identifies select standards and guidance with their respective effective dates. Section I
     contains standards effective for

       o audits of financial statements for periods ending after June 30, 2024;
       o attestation reports dated after June 30, 2024; and
       o accounting for reporting periods beginning after April 15, 2023.

  *  Section II identifies select standards and guidance that were issued from July 2024 through September
     2024.


















1Previous PSUs can be found on the Professional Standards Updates web page.
2GAO, Government Auditing Standards: 2018 Revision Technical Update April 2021, GAO-21-368G (Washington, D.C.: April 2021).


GrJ60 U.S. GOVERNMENT ACCOUNTABILITY OFFICE

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