Complying with relevant standards
Understanding the concepts and standards of generally accepted government auditing standards (GAGAS) is an important aspect of performing Yellow Book audits.
By examining everything from GAGAS’s foundation and principles to professional competence and continuing professional education, you’ll increase your knowledge of requirements and standards.
You’ll cover various topics, including:
Quality control and peer review Reporting standards for performance audits Ethics, independence and professional judgment Professional competence and continuing professional education Standards for financial audits, attestation engagements, reviews of financial statements and performance audits
Staying current with the most recent requirements
You’ll explore Yellow Book requirements and guidance based on Government Auditing Standards, 2024 Revision, as well as other technical updates.
The 2024 revision offers guidance related to:
Shifting from a quality control to a quality management approach Risk-based process for quality management Engagement quality reviews of GAGAS engagements Key audit matters for financial audits
Implementing your new knowledge
Review questions and practice exercises help reinforce your learning and enhance your comprehension of the material.
Learning Objectives
- Recognize the types of auditors and audit organizations that may employ GAGAS to conduct their work.
- Identify and apply the requirements contained in Government Auditing Standards (generally accepted government auditing standards, GAGAS, or the Yellow Book).
- Recognize the fundamental ethical principles and the role of professional judgment in the government environment.
- Recognize requirements relating to competence and continuing professional education.
- Identify additional GAGAS requirements for conducting and reporting on financial audits.
- Identify the three types of attestation engagements found in generally accepted government auditing standards (GAGAS or the Yellow Book) and the additional GAGAS requirements beyond those of the AICPA for attestation engagements.
- Recall the overall approach for auditors to apply in planning and performing an audit to obtain sufficient, appropriate evidence that provides a reasonable basis for findings and conclusions based on the audit objectives.
Major Topics
- Foundation and principles of generally accepted government auditing standards (GAGAS)
- Yellow Book compliance requirements
- Ethics, independence and professional judgment
- Competence and continuing professional education
- Quality control and peer review
- Standards for financial audits, attestation engagements and reviews of financial statements
- Fieldwork and reporting standards for performance audits
