Description

Knowing just a little about the Yellow Book can hurt you! It is important to have a thorough understanding of the standards. This course covers the Yellow Book financial auditing requirements and prepares you to excel in applying the standards. You will learn precisely what the Yellow Book does and does not require auditors to do. Updated for the 2024 Yellow Book revision, the course materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced knowledge of the Yellow Book.

Target Audience

Auditors performing Yellow Book engagements

Course Objectives

• Thoroughly understand the requirements of the Yellow Book and how they relate to the AICPA and single audit requirements
• Apply the Yellow Book in an effective and efficient manner
• Save time by understanding what the Yellow Book does and does not require auditors to do

Subjects

• Critical concepts related to applying the Yellow Book including when the standards are applicable; the types of engagements involved; and the relationship between the Yellow Book and other standards
• The Yellow Book standards related to ethics; independence; professional judgment; competence and CPE; quality management; and peer review
• The Yellow Book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control

Prerequisites

Basic audit knowledge