The 2018 Yellow Book (which is the most recent update) contains the latest version of generally accepted government auditing standards (GAGAS). The contents of the Yellow Book may seem incomprehensible for someone not familiar with government auditing. In the Yellow Book Explained course, we convert every aspect of the standards into plain English, so you can better understand how to apply them to an audit. This Yellow Book CPE covers all aspects of GAGAS, including auditor independence, quality control, fieldwork standards, and reporting standards. This Yellow Book CPE course is useful for both internal and external auditors who work with government entities.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the source of the Yellow Book.
Specify how generally accepted government auditing standards (GAGAS) treat the concepts of "must" and "should."
Describe how to enforce a high level of ethical standards.
Identify the composition of the independence concept.
Specify how the independence of an auditor can be impacted in a GAGAS audit.
Identify the activities associated with the exercise of professional skepticism.
Recall who is responsible for the continuing education requirements of an auditor.
Specify the continuing professional education requirements for a GAGAS auditor.
Describe the components of an audit organization's quality control system, and how the process works.
Specify how audit work is supposed to be supervised.
Specify the reporting requirements associated with an audit of financial statements.
Recall which standards are incorporated by reference into GAGAS.
Recall the service levels at which an attestation engagement can be delivered.
Specify how audit risk can be reduced.
Identify the indicators of an increased risk of fraud.
Recall the circumstances under which noncompliance issues must be reported to third parties.
Major Topics
Types of Audit Engagements
The Nature of GAGAS Requirements
Ethics, Independence, and Professional Judgement
Competence,
Quality Control and Peer Review
Standards for Financial Audits
Compliance with GAGAS
