Governmental financial statements and auditing rules differ from commercial ones. Governmental audits ensure the performance, cost, and stewardship of operations. The Yellow Book by the GAO outlines standards (GAGAS) for competent, objective audits. The course covers peer review, quality control, and the roles of audit team members. It also highlights key Yellow Book rules, recent updates, and changes to continuing education requirements.

• identify the Yellow Book’s purpose, users, and applicable engagements.
• understand GAGAS requirements vs. other auditing standards (AICPA, PCAOB, IAASB).
• know when and how to cite GAGAS or other standards in audit reports.
• identify seven threats to auditor independence and non-audit services that impair it.
• understand audit organization’s responsibilities for staff competence, CPE documentation, and quality control.
• locate Yellow Book chapters for financial audits, attestation engagements, and reviews.
• recognize fieldwork and reporting requirements for GAGAS performance audits.
• identify four elements of an audit finding and seven elements of a quality audit report.
  

CPAs, CIAs, new and seasoned auditors of all types