This update includes the requirements of the 2024 revisions of the Yellow Book, and expanded discussion of impairments to auditor independence, particularly as they relate to nonaudit services provided to audit clients. This update provides increased emphasis on the knowledge, skills, and abilities that an auditee must possess in order for an auditor to maintain independence while providing a nonaudit service to that auditee. This update also covers the Yellow Book requirements for an audit organization's system of quality management set forth in the 2024 revision of the Yellow Book. In addition, this update discusses the increased thresholds in the Uniform Guidance for determining the need for a single audit, determining major programs, and identifying Type A programs.