The Government Accountability Office recently released a new version of Government Auditing Standards, the Yellow Book. The revised version has been reorganized and realigned to make it easier for professionals to find relevant rules when performing research. This course overviews the government auditing standards and how they apply to the single audit.
Target Audience
Auditors who perform financial statement and compliance audit under Government Auditing Standards, internal auditors and those responsible for grant management.
Course Objectives
Apply the most recent requirements of Government Auditing Standards towards auditing governments/not-for-profits
Recognize the critical considerations in OMB and Government Auditing Standards
Identify the Federal Funds and Single Audit Requirements
Subjects
Overview of the 2018 Revision Government Auditing Standards
Understand the conceptual framework of independence
Evaluate non-audit services provided and the threat to independence
New ruling on Continuing Professional Education
Introduce a new concept referred to as "Waste"
Review Engagements under Government Auditing Standards
Gain an understanding of the requirements for performing a Uniform Guidance compliance audit
Discuss Internal control over financial reporting vs. Internal control over compliance requirements
Understand the differences between the auditor's reports issued under Government Auditing Standards
