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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 185 ||| Word Count: 81,596 ||| Review Questions: 38 ||| Final Exam Questions: 60 |
| CPE Credits : | 12.0 |
| IRS Credits : | 0 |
| Price : | $103.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| 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 : | 27407 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | Basic understanding of the auditing process. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Government Auditing Standards
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 15-Jul-2024 |
| 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 - NASBA Registry - 1617 |
| Keywords : | Auditing (Governmental), Governmental, Auditing, Standards, Yellow, Book, Series, cpe, cpa, online course |
| Learning Objectives : |
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
|
| 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 |
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