The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the requirements for auditor communication. Finally, this course will identify the three levels of service as identified by the AICPA.

CPE Credit: 3 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Revision Date 4/17/2024

Learning Objectives:

After completing this course, you should be able to:

·  Recognize when the Yellow Book standards must be applied.

·  Identify the new organization and format of the 2018 Yellow Book.

·  Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

·  Identify the requirements for auditor communication.

·  Recognize the items that an auditor should include in report on internal control and compliance.

·  Identify what an auditor must do if certain information is prohibited from public disclosure or is excluded from a report because of its confidential or sensitive nature.

·  Recognize what an auditor must do when Obtaining and Reporting the Views of Responsible Officials.

·  Identify the three levels of service as defined by the AICPA.

·  Recognize what an auditor must do related to issues of noncompliance with provisions of laws, regulations, contracts, and grant agreements.

·  Identify what should be done by the auditor when the audit complies with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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