This session will provide an update to professional standards presented in the 2018 revision of Government Auditing Standards, also known as the Yellow Book and generally accepted government auditing standards (GAGAS), as it related to major changes from the prior Yellow Book. These standards provide a framework for performing high-quality audit work with independence.
Understand selected requirements contained in the Yellow Book versus application guidance
Understand the independence standards in the Yellow Book versus the AICPA’s Code of Professional Conduct
Understand when you are required to use the Yellow Book’s Conceptual Framework
Understand that reviews of financial statements can now be conducted in accordance with the Yellow Book
Be familiar with the results of case studies and exercises that reinforce key learning points made throughout the course
Major Topics
Reviewing how the Yellow Book provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process.
Reviewing the reformatted approach in the Yellow Book as it relates to requirements versus application guidance.
Determining how the independence standard have been expanded; how the auditors should respond to significant threats to auditors’ independence; and the related documentation requirements.
Determining how the peer review standard were modified and the additional requirements for audit organizations not affiliated with recognized organizations.
Reviewing the changes made to attestation engagements and reviews of financial statements in the Yellow Book
Provider
Business Learning Institute
Course Level
Update
Professional Area of Focus
Accounting & Auditing
Government
Nonprofit / Not-For-Profit
CPE Field of Study
Accounting
4
Who Should Attend
Designed for all accountants and auditors involved in Yellow Book engagements
