Government Auditing Standards and Performing Audits

  • Credits: 5
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Andrew Clark, EA
Course ID: Advanced Preparation: Experience Level:
AC-955.S None Intermediate
Published Date: Program Prerequisites: Other Course Formats:
© March 2021 General Understanding of the Auditing Process Self-Study eBook
COURSE DESCRIPTION

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.

Topics include:
  • 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.
  • This course will identify the requirements for auditor communication.
  • This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.
  • Finally, this course will describe what must be included and what must be excluded from an audit report.
Learning Objectives:

After reading the course material, you will be able to:

  • 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 organizations.
  • Identify the requirements for auditor communication.
  • Recognize the items that an auditor should include in the 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 general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.
  • Recognize the five components of internal control.
  • Identify conditions that indicate a heightened risk of fraud.
  • Recognize what must be included and what must be excluded from the audit report.
  • Identify the requirements when reporting on instances of fraud.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA