Important Notice to Firms Performing Audits in Accordance with Government Auditing Standards 

Government Auditing Standards issued by the Comptroller General of the United States (the “Yellow Book”) requires that organizations conducting audits in accordance with these standards have an external quality control review at least once every three years.  The footnote to paragraph 3.33 of the Yellow Book states that “external quality control reviews should be completed within 3 years after the issuance of the prior review.” 

Extensions of due dates beyond three months for peer reviews of firms performing Yellow Book audits can only be granted by the GAO and should only be requested for extraordinary circumstances. To request an extension, please contact:

Michael C. Harapsky
Senior Project Manager, Government Auditing Standards
U.S. General Accounting Office
(202) 512-9535

Please be advised that if a firm is unable to complete its peer review by the assigned due date, and has not been granted an extension, any Yellow Book audit engagements completed or issued during the period between a firm’s peer review due date and the date the peer review is completed (the date of the report) will be automatically considered to be substandard.  The presence of substandard engagements may result in a modified or adverse report on a firm’s peer review.  

Please be sure to consider the above when scheduling your firm’s upcoming peer review.