Building a strong foundation by knowing the essentials
By reviewing chapters 1–5 of *Government Auditing Standards, 2024 Revision,* you'll learn the fundamentals of performing engagements in accordance with generally accepted government auditing standards (GAGAS).
Your new knowledge will help you build an excellent foundation of the principles of GAGAS as you work to understand Yellow Book requirements and application guidance. Topics covered include:
Foundational principles General requirements Standards for financial audits
Learning Objectives
- Identify the guidance for engagements conducted in accordance with the 2024 revision to generally accepted government auditing standards (GAGAS).
- Recognize the general requirements for complying with Government Auditing Standards that are applicable to all Government Auditing Standards engagements.
- Distinguish the fundamental ethical principles for auditors operating in the government environment; identify independence standards for auditors conducting financial audits, attestation engagements, reviews of financial statements, and performance audits under GAGAS; and recognize the standard for the auditor's use of professional judgment and related application guidance.
- Recognize the generally accepted government auditing standards requirements for competence and continuing professional education.
- Identify the generally accepted government auditing standards (GAGAS) requirements and guidance for quality management and assurance and for administering, planning, performing, and reporting on peer reviews of audit organizations that conduct engagements in accordance with GAGAS.
- Recognize the requirements and guidance for conducting and reporting on financial audits conducted in accordance with GAGAS.
Major Topics
- Foundation and principles for the use and application of generally accepted government auditing standards (GAGAS)
- General requirements for complying with the Yellow Book
- Ethics, independence and professional judgment
- Competence and continuing professional education
- Quality control and peer review
