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 the government auditing standards apply to the Single Audit.
Learning 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
Major Topics
• 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
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