Government Audit Standards, nicknamed Yellow Book, are additional standards layered on top of auditing standards. We will look at the independence requirements, CPE requirements and additional reporting requirements that are contained in Yellow Book.
Publication Date: June 2022
Topics Covered
- Auditing Standards vs. Government Auditing Standards (Yellow Book)
- Additional Reporting — Compliance
- New Format
- Independence
- Categories of Threats
- Key Differences Between 2018 YB and AICPA Code
- Independence Rules Comparison
- Application of the Conceptual Framework
- Non-Audit Services
- Applying the Conceptual Framework
- A Summary of Key Considerations in the Evaluation of Threats and Safeguards
- Yellow Book CPE
- Reporting and Findings
- Waste and Abuse
Learning Objectives
- Identify when to do an audit under Yellow Book
- Recognize the additional requirements of Yellow Book
- Describe the specific independence requirements
- Recognize how to report when doing a Yellow Book audit
- Identify a distinguishing mark of an auditor is acceptance of responsibility to serve
- Recognize the three types of Yellow Book engagements
- Describe which chapter of the Yellow Book is applicable to all types of in-scope engagements
- Identify what reflects the last step in the conceptual framework
- Recognize how many hours in subject matter that directly enhances an auditor's professional expertise to conduct audits Yellow Book requires
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Diane Edelstein
Diane E. Edelstein is a Senior Partner at Maher Duessel in Pittsburgh, PA and has over thirty years of experience in public accounting. Her entire auditing career has been of non-profits, governments and Single Audit.
Diane speaks throughout the country on Non-profit accounting and auditing and Single Audit. She was member of the AICPA NPO Planning Conference Committee from 2012 – 2017 and continued to speak at the annual conference through 2019.
Diane currently serves on the AICPA Peer Review Board – GCA PMTF (Government and Compliance Audits Practice Monitoring Task Force) and is a past member of the PICPA Professional Ethics Committee and the PICPA Peer Review Committee.