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Governmental Auditing Standards - Yellow Book Series (Course Id 1617)

Updated / QAS / Registry   Add to Cart 
Author : Andrew Clark, EA
Status : Production
CPE Credits : 12.0
IRS Credits : 0
Price : $103.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1617

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 on 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.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : Basic understanding of the auditing process.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 07-Oct-2020
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1617

Keywords : Auditing (Governmental), Governmental, Auditing, Standards, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :
    To view Learning Objectives, please Click here.
Course Contents :

Chapter 1 - 2018 Yellow book Overview

Objectives

2018 Yellow Book Overview Introduction

Yellow Book

Engagement Team Definitions

Auditor:

Engagement team (or audit team):

Specialist:

Yellow Book Publications

Purpose

When and Where to Apply Yellow Book

Effective Date

Overview of the 2018 Yellow Book Changes

New Organization and Format

Skill, Knowledge and Expertise Guidance

Independence guidance for Government Audit Organizations

Peer Review

Peer review requirements

Waste and Abuse

Standards for Attestation Engagements and Reviews of Financial Statements

Performance audits: new internal control requirement

Competence and CPE Requirements

Obtaining the 2018 Yellow Book

Overview Review Questions

Chapter 2 - Foundation and Principles for the Use and Application of Government Auditing Standards

Objectives

Introduction

Types of GAGAS Users

Types of GAGAS Engagements

Financial Audits

Attestation Engagements and Reviews of Financial Statements

Performance Audits

Terms Used in GAGAS

The GAGAS Format

Chapter Summary: Foundation and Principles for the Use and Application of Government Auditing Standards

Types of GAGAS Users

Types of GAGAS Engagements

Terms Used in GAGAS

Chapter 2 Review Questions

Chapter 2 Review Questions Answers

Chapter 3 - General Requirements for Complying with Government Auditing Standards

Objectives

Relationship between GAGAS and Other Professional

Standards

Stating Compliance with GAGAS in the Audit Report

Chapter Summary: General Requirements for Complying with Government Auditing Standards

Chapter 3 Review Questions

Chapter 4 - Ethics, Independence, and Professional Judgment

Objectives

Ethical Principles

The Public Interest

Integrity

Objectivity

Proper Use of Government Information, Resources, and Positions

Professional Behavior

Independence

GAGAS Conceptual Framework Approach to Independence

Provision of Non-audit Services to Audited Entities

Consideration of Specific Non-audit Services

Documentation

Professional Judgment

Figure 1: Generally Accepted Government Auditing Standards Conceptual Framework for Independence

Figure 2: Independence Considerations for Preparing Accounting Records and Financial Statements

Chapter Summary: Ethics, Independence, and Professional Judgment

Chapter 4 Review Questions

Chapter 5 - Competence and Continuing Professional Education

Objectives

Competence

Continuing Professional Education

Chapter Summary: Competence and Continuing Professional Education

Chapter 5 Review Questions

Chapter 6 - Quality Control and Peer Review

Objectives

Quality Control and Assurance

System of Quality Control

Leadership Responsibilities for Quality within the Audit Organization

Independence, Legal, and Ethical Requirements

Initiation, Acceptance, and Continuance of Engagements

Human Resources

Engagement Performance

Monitoring of Quality

External Peer Review

Additional Requirements for Audit Organizations Not Affiliated with Recognized Organizations

Figure 3: Developing Peer Review Communications for Observed Matters in Accordance with Generally Accepted Government Auditing Standards

Chapter Summary: Quality Control and Peer Review

Chapter 6 Review Questions

Chapter 7 - Standards for Financial Audits

Objectives

Additional GAGAS Requirements for Conducting Financial Audits

Compliance with Standards

Licensing and Certification

Auditor Communication

Results of Previous Engagements

Investigations or Legal Proceedings

Noncompliance

Findings

Audit Documentation

Availability of Individuals and Documentation

Additional GAGAS Requirements for Reporting on Financial Audits

Reporting the Auditors’ Compliance with GAGAS

Reporting on Internal Control; Compliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements; and Instances of Fraud

Presenting Findings in the Audit Report

Reporting Findings Directly to Parties outside the Audited Entity

Obtaining and Reporting the Views of Responsible Officials

Reporting Confidential or Sensitive Information

Distributing Reports

Chapter Summary: Standards for Financial Audits

Chapter 7 Review Questions

Chapter 8 - Standards for Attestation Engagements and Reviews of Financial Statements

Objectives

Examination Engagements

Compliance with Standards

Licensing and Certification

Auditor Communication

Results of Previous Engagements

Investigations or Legal Proceedings

Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements

Findings

Examination Engagement Documentation

Availability of Individuals and Documentation

Reporting the Auditors’ Compliance with GAGAS

Reporting Deficiencies in Internal Control

Reporting on Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements or Instances of Fraud

Presenting Findings in the Report

Reporting Findings Directly to Parties outside the Audited Entity

Obtaining and Reporting the Views of Responsible Officials

Reporting Confidential or Sensitive Information

Distributing Reports

Review Engagements

Compliance with Standards

Licensing and Certification

Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements

Reporting Auditors’ Compliance with GAGAS

Distributing Reports

Agreed-Upon Procedures Engagements

Compliance with Standards

Licensing and Certification

Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements

Reporting Auditors’ Compliance with GAGAS

Distributing Reports

Reviews of Financial Statements

Compliance with Standards

Licensing and Certification

Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements

Reporting Auditors’ Compliance with GAGAS

Distributing Reports

Chapter Summary: Standards for Attestation Engagements and Reviews of Financial Statements

Chapter 8 Review Questions

Chapter 9 - Fieldwork Standards for Performance Audits

Objectives

Performance Audits

Planning

Auditor Communication

Investigations or Legal Proceedings

Results of Previous Engagements

Assigning Auditors

Preparing a Written Audit Plan

Conducting the Engagement

Nature and Profile of the Program and User Needs

Determining Significance and Obtaining an Understanding of Internal Control

Assessing Internal Control

Internal Control Deficiencies Considerations

Information Systems Controls Considerations

Provisions of Laws, Regulations, Contracts, and Grant Agreements

Fraud

Identifying Sources of Evidence and the Amount and Type of Evidence Required

Using the Work of Others

Supervision

Evidence

Overall Assessment of Evidence

Findings

Audit Documentation

Availability of Individuals and Documentation

Figure 4: Consideration of Internal Control in a Generally Accepted Government Auditing Standards Performance Audit

Chapter Summary: Fieldwork Standards for Performance

Audits

Chapter 9 Review Questions

Chapter 10 - Reporting Standards for Performance Audits

Objectives

Performance Audits

Reporting Auditors’ Compliance with GAGAS

Report Format

Report Content

Reporting Findings, Conclusions, and Recommendations

Reporting on Internal Control

Reporting on Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements

Reporting on Instances of Fraud

Reporting Findings Directly to Parties outside the Audited Entity

Obtaining the Views of Responsible Officials

Report Distribution

Reporting Confidential or Sensitive Information

Discovery of Insufficient Evidence after Report Release

Chapter Summary: Reporting Standards for Performance Audits

Chapter 10 Review Questions

Glossary

CPE Accounting (Governmental) Course: https://www.cpethink.com/yellow-book-auditing
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