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Newsletters The Monthly Blend August 2007
Government Auditors Quizzed on Use of StandardsSubmitted by: Susan Mitchell, MPA Survey finds government auditors use different standards under different circumstances. A survey co-sponsored by the IIA and the U.S. Government Accountability Office (GAO) recently was conducted on the use of Government Auditing Standards (Yellow Book) and The IIA’s Professional Practices Framework (PPF). The IIA’s Global Auditing Information Network (GAIN) survey, in which 549 government auditors participated, focused on determining what standards are being used and, if applicable, why auditors are using one set of guidelines over the other. Respondents included internal and external auditors working in federal, state, city, and country levels of government. Three quarters of those participating in the survey said they use the Yellow Book, while a little more that half – 54 percent – follow the PPF. For those who use both sets of standards – about 38 percent – most said that using both guidelines provides them with additional credibility for reporting. When asked if there are inconsistencies between the Yellow Book and the PPF, 68 percent responded “no”. Most of those who responded “yes” indicated that inconsistencies mostly related to consulting, independence, and peer review requirements. The narrative comments submitted by survey respondents indicated an underlying level of frustration that there isn’t a blending of the two standards to make them comprehensive. Many suggested that a gap analysis would be beneficial to identify any real or perceived differences, with subsequent revisions to both sets of standards to address the gaps. The GAO, which had endorsed the IIA’s framework, indicated that the PPF complements its standards. The IIA and GAO are working on a common statement, which will delineate and answer any perceived gaps so users can be comfortable in using both sets of standards in their audit work. ___________________________________________ Helpful Hints for Cost Plus Fixed Fee Contracts in GCS Premier®Written by: Cindy Marks Here are a couple of helpful hints that will aid you when setting up a Cost Plus Fixed Fee Contract in GCS Premier®.
___________________________________________ Coffee Talk
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