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Standards for Financial Audits Attestation Engagements and Review of Financial Statements - Yellow Book Series (Course Id 1739)

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Author : Andrew Clark, EA
Status : Production
CPE Credits : 3.0
IRS Credits : 0
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1739

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 requirements for auditor communication. Finally, this course will identify the three levels of service as identified by the AICPA.

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 : 28-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 - 1739

Keywords : Auditing (Governmental), Standards, Financial, Audits, Attestation, Engagements, Review, Financial, Statements, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Chapter 1
2018 Yellow book Overview

At the end of this chapter, the student will be able to:
  • Recognize when the Yellow Book standards must be applied.
  • Identify the new organization and format of the 2018 Yellow Book.
  • Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Chapter 2
Standards for Financial Audits

At the end of this chapter, the student will be able to:
  • Identify the requirements for auditor communication.
  • Recognize the items that an auditor should include in 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.

Chapter 3
Standards for Attestation Engagements and Reviews of Financial Statements

At the end of this chapter, the student will be able to:
  • Identify the three levels of service as defined by the AICPA.
  • Recognize what an auditor must do related to issues of noncompliance with provisions of laws, regulations, contracts, and grant agreements.
  • Identify what should be done by the auditor when the audit complies with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.
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

Chapter 1 Review Questions

Chapter 2 - 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 Auditorsí 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 2 Review Questions

Chapter 3 - 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 Auditorsí 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 Auditorsí 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 Auditorsí 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 Auditorsí Compliance with GAGAS

Distributing Reports

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

Chapter 3 Review Questions

Glossary

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