Yellow book

Written by Fmi.Online Thursday November 10, 2022
The Yellow Book is the annual publication by the GAO of the Generally Accepted Government Auditing Standards. Every year the GAO publishes a book that contains all of its updated rules and standards for conducting audits in the public sector. This book has always featured a bright yellow cover. Rather than calling it the GAO book of GAGAS, people started calling it the Yellow Book. The name has stuck ever since.

Explanation :

The Yellow Book is used by CPAs and governmental auditors who audit the Federal government, state governments, and even local governments. The Yellow Book includes audit standards and guidance for both financial and performance audits. The main audit standards addressed in the Yellow Book relate to:
  • Independence
  • Due Care
  • Continuing Professional Education (CPE)
  • Supervision
  • Quality Control

In a nutshell :

  • Yellow sheets are bulletins that inform traders about corporate bonds that are available from brokerages as over-the-counter trades.
  • Pink sheets are the equivalent for stocks that trade over the counter.
  • Yellow sheets and pink sheets are now electronic services published by OTC Markets Group.
  • Both list securities issued by companies that are not listed on the major public exchanges.
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