Overview of the New Yellow Book
The Yellow Book is used by auditors of government entities, entities that receive government awards, and other audit organizations performing Yellow Book audits. It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. Auditors of federal, state, and local government programs use these standards to perform their audits and produce their reports.
The 2018 Yellow Book (which is the most recent update) contains the latest version of generally accepted government auditing standards (GAGAS). The contents of the Yellow Book may seem incomprehensible for someone not familiar with government auditing. It is essential that all auditors planning and conducting engagements in accordance with the new Yellow Book understand and be able to discern the requirements related to independence and other matters as found in new Yellow Book. This course will help you to better understand how to apply these requirements to an audit. The course covers all aspects of GAGAS, including auditor independence, quality control, fieldwork standards, and reporting standards.
Intended Audience
This course is useful for both internal and external auditors who work with government entities, and will be planning and conducting engagements in accordance with Government Accounting Standards, 2018 Revision (Yellow Book).
Table of Contents
Chapter 1. Summary of the Key Changes to the Yellow Book
Chapter 2. 2018 Yellow Book Non-audit Services Independence Requirements
Chapter 3. Continuing Professional Education Matters
Chapter 4. Peer Review Requirements
Chapter 5. Findings and the Cause Element
Chapter 6. Waste and Abuse Changes
Chapter 7. Other 2018 Yellow Book Changes
Learning Objectives
- Review background information on the Government Accountability Office (GAO)
- Review of the key changes that will result from the 2018 revision to the Government Auditing Standards (Yellow Book or GAGAS)
- Identify the Yellow Book requirements for financial statement audits, attestation engagements, and performance audits
Advance Preparation
None
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Auditing
Prerequisites: None
