Introduction to Yellow Book (Currently Unavailable)

Author: Melisa Galasso

This on-demand course is designed for government and nonprofit auditors that perform engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”). We will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct and Auditing Standards. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.

Publication Date: September 2018

Designed For
CPAs in Public Practice who perform audits under GAGAS.

Topics Covered

• Yellow Book Overview
• Definitions
• Ethics
• General Standards
• Yellow Book Independence
• Professional Judgment
• Competence
• Yellow Book CPE Requirements
• Quality Control and Assurance
• Standards for Financial Audits

Learning Objectives

• Identify the elements of a Yellow Book finding
• Describe the ethics and independence requirements of Yellow Book
• Recognize how to contrast the requirements of Yellow Book with the AICPA requirements
• Identify services covered by GAGAS
• Describe management's responsibility in an audit
• Recognize the changes to the 2018 Yellow Book revision
• Identify peer review and how it applies
• Describe types of auditors required to follow Yellow Book
• Identify the steps in the conceptual framework
• Differentiate considerations of nonaudit service
• Identify the financial statement period effective for 2018 Yellow Book
• Recognize which activities can impair an auditor's independence
• Recognize how to exercise reasonable care and professional skepticism
• Differentiate between Yellow Book requirements for reporting on internal controls over financial reporting (ICFR) and AU-C Section 265

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (2 hours)

Program Prerequisites
None

Advance Preparation
None