Introduction

 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 types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations.

 CPE Credit: 2 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

·       Learning Objectives:

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 types of auditors and audit organizations that may employ GAGAS to conduct their work,

Recognize the types of engagements that may be conducted in accordance with GAGAS, and

Identify terminology that is commonly used in GAGAS. 

Identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organization.

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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