Yellow Book: Staying Compliant With Government Auditing Standards

Overview

Complying with relevant standards

Understanding the concepts and standards of generally accepted government auditing standards (GAGAS) is an important aspect of performing Yellow Book audits.

By examining everything from GAGAS’s foundation and principles to professional competence and continuing professional education, you’ll increase your knowledge of requirements and standards.

You’ll cover various topics, including:

Quality control and peer review

Reporting standards for performance audits

Ethics, independence and professional judgment

Professional competence and continuing professional education

Standards for financial audits, attestation engagements, reviews of financial statements and performance audits

Staying current with the most recent requirements

You'll explore Yellow Book requirements and guidance based on Government Auditing Standards, 2024 Revision, as well as other technical updates.

The 2024 revision offers guidance related to:

Shifting from a quality control to a quality management approach

Risk-based process for quality management

Engagement quality reviews of GAGAS engagements

Key audit matters for financial audits

Implementing your new knowledge

Review questions and practice exercises help reinforce your learning and enhance your comprehension of the material.

Highlights

Foundation and principles of generally accepted government auditing standards (GAGAS)

Yellow Book compliance requirements

Ethics, independence and professional judgment

Competence and continuing professional education

Quality control and peer review

Standards for financial audits, attestation engagements and reviews of financial statements

Fieldwork and reporting standards for performance audits

Prerequisites

None

Designed For

Government auditors

Public accountants

Objectives

Recognize the types of auditors and audit organizations that may employ GAGAS to conduct their work.
Identify and apply the requirements contained in Government Auditing Standards (generally accepted government auditing standards, GAGAS, or the Yellow Book).
Recognize the fundamental ethical principles and the role of professional judgment in the government environment.
Recognize requirements relating to competence and continuing professional education.
Identify additional GAGAS requirements for conducting and reporting on financial audits.
Identify the three types of attestation engagements found in generally accepted government auditing standards (GAGAS or the Yellow Book) and the additional GAGAS requirements beyond those of the AICPA for attestation engagements.
Recall the overall approach for auditors to apply in planning and performing an audit to obtain sufficient, appropriate evidence that provides a reasonable basis for findings and conclusions based on the audit objectives.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.