Governmental Auditing Standards (eBook)

  • Credits: 12
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Tax CE Publishing, Andrew Clark, EA
Course ID: Advanced Preparation: Experience Level:
AC-957.S None Intermediate
Published Date: Program Prerequisites: Other Course Formats:
© March 2021 Basic 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.

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. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role in an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. 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.

Topics include:
  • Chapter 1: Foundation and Principles for the Use and Application of Government Auditing Standard
  • Chapter 2: General Requirements for Complying with Government Auditing Standards
  • Chapter 3: Ethics, Independence, and Professional Judgment
  • Chapter 4: Competence and Continuing Professional Education
  • Chapter 5: Quality Control and Peer Review
  • Chapter 6: Standards for Financial Audits
  • Chapter 7: Standards for Attestation Engagements and Reviews of Financial Statements
  • Chapter 8: Fieldwork Standards for Performance Audits
  • Chapter 9: Reporting Standards for Performance Audits

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.
  • Identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations.
  • Recognize that action that must be taken by auditors if they conclude that the independence of the engagement team or the audit organization is impaired.
  • Identify the number of CPE hours that must be completed in a 2-year period in order to maintain their professional competence.
  • Recognized the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently.
  • 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.
  • Identify the three levels of service as defined by the AICPA.
  • Recognize the five components of internal control.
  • Recognize what must be included and what must be excluded from the audit report.

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

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