GAO releases update to auditing standards

Thursday - 1/26/2012, 6:17pm EST

Jim Dalkin, direcotr of financial management and assurance issues, GAO

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The new "Yellow Book" is out, but it doesn't include a listing of phone numbers interspersed with ads.

Rather, it's the volume that details the government's auditing standards as prepared by the Government Accountability Office.

The standards, which had not been updated since 2007, were released late last year.

Jim Dalkin, director of financial management and assurance issues at GAO, joined In Depth with Francis Rose to discuss the new standards and what has driven the changes over the past four years.

The standards document notes the 2011 revisions were the result of "an extensive deliberative process." Dalkin discussed that process as well as whether the methodology of conducting audits evolve over time or if the principles stay the same.

Does the methodology of conducting audits change, or do the principles stay the same over the years?