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Published 1 (2025-01-30)

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GAOUS. GOVERNMENT ACCOUNTABILITY OFFICE


Memorandum


Date:        January 30, 2025


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. 95, October through December 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 September 30, 2024;
       o attestation reports dated after September 30, 2024; and
       o accounting for reporting periods beginning after July 15, 2023.

  *  Section II identifies select standards and guidance that were issued from October 2024 through
     December 2024.


















1Previous PSUs can be found on the Professional Standards Updates web page.
2GAO, Government Auditing Standards: 2024 Revision, GAO-24-106786 (Washington, D.C.: February 2024).


a V10 U.S. GOVERNMENT ACCOUNTABILITY OFFICE

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