Home
0
Home
Use Landscape to see Search/Filter
Item Types:
Field of Study:
Authors:
CPE Hours:
Keyword:
Hide left panel Collapse Menu
Recent Searches
No recent searches found.
Course Details

The Yellow Book Interpreted - December 2011 Version of the Government Auditing Standards - Yellow Book Series (Course Id 1096)

Updated / QAS / Registry   Add to Cart 
Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 15.0
IRS Credits : 0
Price : $200.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1096

Description :

Is it time for you to know the Yellow Book - really know it? Let Leita be your guide, as she converts the GAO's Government Auditing Standards into plain English and helps you apply its unique standard and guidance to your audit. This text covers the latest on independence, quality control, and audit planning. All three types of engagements - financial, attestation, and performance - are covered. Whether you are an internal auditor, government monitor, or external auditor, the Yellow Book applies to you.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : One or more years experience in auditing.
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 : 09-Aug-2016
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 - NASBA Registry - 1096

Keywords : Auditing (Governmental), Yellow, Book, Interpreted, December, 2011, Version, Government, Auditing, Standards, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Differentiate between the Yellow Book and other auditing standards
  • Assess whether an engagement requires the use of the Yellow Book
  • Distinguish among the three types of Yellow Book engagements
  • Employ the conceptual framework in evaluating threats to your independence as an auditor
  • Assess whether an audit team has met competency standards
  • Assess whether an audit team has met the Yellow Book requirements regarding quality control and peer review
  • Differentiate between GAO and AICPA standards regarding financial audits
  • Classify an audit finding as an internal control weakness, a violation of contract or grant agreements, fraud, or abuse
  • Compare AICPA financial audit reporting standards to GAGAS standards
  • Differentiate among the elements of a finding
  • Identify the steps of planning and conducting a performance audit
  • Differentiate between the concepts of materiality and significance
  • Identify factors that affect audit risk in a performance audit
  • Define the parameters of an audit project: audit objective, audit scope, and audit methodology
  • Discriminate among management control, internal control, and information technology control terminologies
  • Distinguish among the types of evidence and judge their relative strength
  • Distinguish between mandatory and optional documentation requirements

Section 1
Introduction to the Yellow Book Interpreted

  • Differentiate between the Yellow Book and other auditing standards
  • Assess whether an engagement requires the use of the Yellow Book
  • Identify the way the Yellow Book is organized

    Section 2
    Ethics

  • Classify your ethical responsibilities in the government environment

    Section 3
    Types of Yellow Book Audits

  • Conclude which standards should and must be applied to each type of audit
  • Distinguish among the three types of Yellow Book engagements

    Section 4
    Independence

  • Apply the conceptual framework in evaluating threats to your independence as an auditor

    Section 5
    Professional Judgment, Competence, and Quality Assurance

  • Define professional judgment per GAO standards
  • Assess whether an audit team has met competency standards
  • Assess whether an audit team has met the Yellow Book requirements regarding quality control and peer review

    Section 6
    Field Work Standards for Financial Audits

  • Differentiate between GAO and AICPA standards regarding financial audits
  • Classify an audit finding as: an internal control weakness; a violation of contract or grant agreement; fraud; or abuse
  • Define abuse and your responsibility with regard to abuse in the government environment

    Section 7
    Reporting Standards for Financial Audits

  • Compare AICPA financial audit reporting standards to GAGAS standards
  • Identify the triggers of an audit finding
  • Differentiate among the elements of a finding

    Section 8
    Standards for Attestation Engagements

  • Conclude whether an attestation engagement can be performed using the described project criteria
  • Distinguish among the three types of attestation engagements
  • Compare the requirements regarding internal controls, violations of contracts or grant agreements, fraud, and abuse among the three engagement types

    Section 9
    General Concepts Guiding Performance Audits

  • Identify the steps of planning and conducting a performance audit
  • Differentiate between the concepts of materiality and significance
  • Identify factors that affect audit risk in a performance audit

    Section 10
    Planning Standards for Performance Audits: Part I

  • Define the parameters of an audit project: audit objective, audit scope, and audit methodology
  • Distinguish among the types of information that you "should" and "may" gather during the planning phase of a performance audit
  • Discriminate among management control, internal control, and information technology control terminologies

    Section 11
    Planning Standards for Performance Audits: Part II

  • Evaluate whether a client behavior classifies as a reportable condition on a performance audit

    Section 12
    Planning Standards for Performance Audits: Part III

  • Identify criteria during the planning phase of a performance audit
  • Determine whether components of an audit project are in place

    Section 13
    The Final Field Work Standards for Performance Audits

  • Distinguish among the types of evidence and judge their relative strength
  • Distinguish between mandatory and optional documentation requirements

    Section 14
    Reporting Standards for Performance Audits

  • Differentiate among the contents of a performance audit report including audit objective, scope and methodology, and audit results
  • Course Contents :

    Section 1: Introduction to the Yellow Book Interpreted

    1-1 Why do they call it the Yellow Book?

    1-2 Why does the Yellow Book exist?

    1-3 The Yellow Book has to be called into play by someone else

    1-4 When the AICPA gets involved

    1-6 The purpose of this manual

    1-7 How the Yellow Book is organized

    1-8 How the Yellow Book Interpreted is organized

    Study Questions for Section 1

    Section 2: Ethics

    2-1 Themes of GAGAS

    2-1-1 Accountability

    2-1-2 Transparency

    2-1-3 Service

    2-2 Five main sections of the ethics section

    2-2-1 The public interest

    2-2-2 Integrity

    2-2-3 Objectivity

    2-2-4 Proper use of government information, resources, and position

    2-2-5 Professional behavior

    Study Questions for Section 2

    Section 3: Types of Yellow Book Audits

    3-1 Relationship to other standards

    3-2 Defining government audits and attestation engagements

    3-2-1 CPAs also have to choose

    3-2-2 CPAs must give an AICPA compliant name to the project

    3-2-3 How much are you willing to pay?

    3-2-4 The dude doesnt have to worry about standards or independence

    3-2-5 It boils down to standards and cost

    3-3 Three types of engagements

    3-3-1 Financial audits

    3-3-2 Attestation engagements

    3-3-2a Levels of assurance

    3-3-3 Performance audits

    3-3-4 Nonaudit services

    3-4 A little practice in distinguishing between types of engagements

    3-5 Using GAGAS in vain

    3-5-1 Say GAGAS only if you mean it!

    Study Questions for Section 3


    Section 4: Independence

    4-1 How the Yellow Books new independence standards impact internal auditors

    4-1-1 Application of the conceptual framework

    4-1-2 Nonaudit services (a.k.a. consulting)

    4-2 Independence for CPA firms the little squeeze

    4-2-1 Creating the financial statements is a nonaudit service

    4-2-2 The client needs to claim responsibility for the results

    4-2-3 The client needs to have knowledge, skills, and experience

    4-2-4 You should report a clients lack of knowledge

    4-2-5 You must document reasons why independence is not impaired

    4-3 Independence for legislative auditors

    Study Questions for Section 4

    Section 5:  Professional Judgment, Competence, and Quality Assurance

    5-1 General standard #2: professional judgment

    5-2 General standard #3: competence

    5-2-1 Continuing education

    5-2-2 CPE guidance document

    5-2-2a Whos subject to the requirements?

    5-2-2b CPE subjects that qualify

    5-2-2c Programs and activities that do not qualify

    5-2-2d The audit organization is responsible for CPE

    5-3 General standard #4: quality control and peer review

    5-3-1 Significant clause #1: quality control systems must be thoroughly documented

    5-3-1a Six elements of a quality control system

    5-3-2 Significant clause #2: annual monitoring of reports

    5-3-2a What constitutes monitoring?

    5-3-2b Who should do it?

    5-3-2c And what is in this report?

    5-3-2d Somewhat flexible

    5-3-3 Significant clause #3: sharing your report with everyone and their mother

    5-3-3a Peer reviews

    5-3-3a-1 Review every three years

    5-3-3a-2 What a peer reviewer does

    5-3-3a-3 Peer reviewers must get coverage on governmental engagements

    5-3-3b Transparency of your reports

    5-3-3b-1 External auditors share their peer review opinion letter with the public

    5-3-3b-2 Internal auditors share with those in charge of governance

    5-3-4 Significant clause #4: strong judgmental language applies to you, not just the client!

    5-4 Summary of recent changes

    Study Questions for Section 5

    Section 6:  Field Work Standards for Financial Audits

    6-1 Introduction

    6-2 Major changes to the AICPA standards

    6-3 Additional GAGAS standards

    6-3-1 Auditor communication

    6-3-2 Considering the results of previous audits and attestation engagements

    6-3-3 Detecting material misstatements resulting from violations of contract provisions or grant agreements, or from abuse

    6-3-3a Violations of contract provisions or grant agreements

    6-3-3b Abuse

    6-3-3b-1 What is abuse?

    6-3-3b-2 What is your responsibility concerning abuse?

    6-3-3c Summary of your responsibilities regarding the no-nos

    6-3-4 Developing the elements of a finding

    6-3-5 Audit documentation

    Study Questions for Section 6

    Section 7:  Reporting Standards for Financial Audits

    7-1 GAGAS compliance statement

    7-2 Reporting on internal control and on compliance with laws, regulations, and provisions of contracts or grant agreements

    7-2-1 Example letter

    7-3 Reporting deficiencies in internal control, fraud, illegal acts, violations of provisions of contracts or grant agreements, and abuse

    7-3-1 Presenting findings

    7-3-1a Quantification

    7-3-1b The elements of a finding

    7-3-1b-1 A few rules about using the elements

    7-3-1b-2 Recommendations

    7-3-2 Direct reporting of fraud, illegal acts, violations of provisions of contracts or grant agreements, and abuse

    7-4 Reporting views of responsible officials

    7-5 Reporting sensitive and confidential information

    7-6 Report issuance and distribution

    7-7 Extra guidance at the end of the chapter regarding materiality and early communication of findings

    7-7-1 Materiality

    7-7-2 Early communication of deficiencies

    7-8 Chapter summary

    Study Questions for Section 7

    Section 8:  Standards for Attestation Engagements

    8-1 Introduction

    8-1-1 What type of attestation engagement are you agreeing to perform?

    8-2 General Attestation Standard on Criteria

    8-2-1 Firm criteria

    8-2-1a Irrelevant criteria

    8-2-1b Vague criteria

    8-2-1c Non-existent criteria

    8-2-2 Clients have an advantage if you dont have firm criteria

    8-2-3 The standard-setting bodies are firm about criteria

    8-2-3a Places to get criteria

    8-2-4 Document the criteria and get the client to agree

    8-2-5 Examples of objectives and related criteria

    8-3 Additional requirements

    8-3-1 Examination engagements

    8-3-1a Additional GAGAS field work and reporting standards for examination engagements

    8-3-1a-1 Additional GAO requirements for examination engagement documentation

    8-3-2 Review engagements

    8-3-2a Additional GAGAS field work and reporting standards for review engagements

    8-3-3 Agreed-upon procedures

    8-3-3a Two additional GAGAS considerations for agreed-upon procedures

    8-4 Chapter summary

    Study Questions for Section 8

    Section 9:  General Concepts Guiding Performance Audits

    9-1 Putting this long chapter in context

    9-1-1 I was hired to audit. I wasnt hired to think!

    9-1-2 Canned audit programs

    9-1-2a Issues to consider if you choose a canned audit program

    9-1-3 Why should you create an audit program from scratch?

    9-1-4 Following up after Randy

    9-1-5 Creating an audit from scratch steps of an audit

    9-1-5a Bite off only what you can chew

    9-1-5b Break the universe down into manageable chunks

    9-2 Now for the standards!

    9-2-1 Reasonable assurance

    9-2-2 Significance in a performance audit

    9-2-3 Audit risk

    Study Questions for Section 9

    Section 10:  Planning Standards for Performance Audits: Part I

    10-1 Introduction to Planning Standards

    10-1-1 Objective, Scope, and Methodology define your audit

    10-1-1a Objective

    10-1-1b Scope

    10-1-1c Methodologies

    10-2 Gaining an understanding

    10-2-1 Area of understanding #1: nature and profile of the program and user needs

    10-2-1a Who cares about your report?

    10-2-1b Understanding the nature of the program

    10-2-2 Area of understanding #2: considering internal control

    10-2-2a Internal controls

    10-2-2a-1 How to gain an understanding of internal controls

    10-2-2a-2 Before there was structure and guidance

    10-2-2a-3 Using control models

    10-2-2b Management control model

    10-2-2c COSO model

    10-2-2c-1 Benefits of COSO

    10-2-2c-2 The COSO model cube

    10-2-2d Leitas version of COSO

    10-2-2d-1 Control environment

    10-2-2d-2 Risk assessment

    10-2-2d-3 Information and communications

    10-2-2d-4 Control activities

    10-2-2d-5 Monitoring activities

    10-3 Area of understanding #3: Information systems controls

    10-3-1 Do we have to?

    10-3-2 Three IT controls: general, application, and user

    10-3-3 Deciding which information system controls are relevant

    Study Questions for Section 10

    Section 11:  Planning Standards for Performance Audits: Part II

    11-1 Area of understanding #4: Legal and regulatory requirements, contract provisions or grant agreements, fraud, or abuse

    11-1-1 Audit against criteria!

    11-1-2 A bigger look at the triggers of a finding

    11-1-2a Internal control weakness

    11-1-2b Fraud and illegal acts

    11-1-2c Noncompliance

    11-1-2d Abuse

    11-1-2e Unethical behavior

    11-1-3 Example of triggering a finding

    11-1-4 How we tackle it

    11-1-4a Same recipe, different name

    11-1-5 What does design your audit to detect mean?

    11-1-5a Our use & overuse of the trifecta

    11-1-5b Our Profession Makes the Simple Sound Complex

    11-1-6 How do we apply the trifecta to fraud?

    11-1-7 What about abuse?

    11-2 Area of understanding #5: ongoing legal proceedings

    11-3 Area of understanding #6: Previous audits

    11-4 A recap of gaining an understanding

    Study Questions for Section 11

    Section 12:  Planning Standards for Performance Audits: Part III

    12-1 Identifying audit criteria

    12-2 Identifying sources of audit evidence

    12-3 Considering work of others

    12-4 Assigning staff and other resources

    12-5 Communicating with management and those charged with governance

    12-6 Preparing the audit plan

    Study Questions for Section 12

    Section 13:  The Final Field Work Standards for Performance Audits

    13-1 Supervision

    13-2 Evidence

    13-2-1 Appropriateness of evidence

    13-2-1a Three types of evidence

    13-2-1b Evaluating evidence

    13-2-1b-1 Triangulation

    13-2-1b-2 Other tips to use to evaluate evidence

    13-2-1b-3 Appropriateness and audit objectives

    13-2-2 Sufficiency of evidence

    13-2-3 Overall assessment of evidence

    13-2-4 Elements of a finding

    13-2-4a Recommendations

    13-2-4b Condition

    13-2-4c Cause

    13-2-4d Effect

    13-2-5 Early communication of deficiencies

    13-3 Audit documentation

    13-3-1 Suggestions to improve working papers

    13-3-1a Check concepts before mechanics

    13-3-1b Follow the hierarchy of working papers

    13-3-2 Little things make a huge difference source, purpose, procedures, results, and conclusions

    13-3-3 Working paper quality checklist

    Study Questions for Section 13

    Section 14:  Reporting Standards for Performance Audits

    14-1 Guidance on report quality

    14-2 Organization of the performance audit reporting chapter

    14-2-1 Report form

    14-2-2 Report contents

    14-2-2a Objectives, scope, and methodology

    14-2-2a-1 What to do when something crops up outside of your scope

    14-2-2a-2 But what you do not do is

    14-2-2a-3 Define and explain the objective, scope, and methodology

    14-2-2a-4 Example of an objective, scope, and methodology section

    14-2-2b Report findings

    14-2-2b-1 Put findings in perspective

    14-2-2b-2 Background Information

    14-2-2b-3 The no-nos AGAIN

    14-2-2c Conclusions

    14-2-2d Recommendations

    14-2-2e Reporting compliance with GAGAS

    14-2-2f Reporting views of responsible officials

    14-2-2g Reporting privileged and confidential information

    14-2-3 Report issuance and distribution

    14-3 Chapter summary

    Study Questions for Section 14

    Glossary

    Auditing (Governmental) Course 1096 Home: https://www.cpethink.com/yellow-book-auditing
    Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
      
    Exam completed on .

    Do you want to add the course again?