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How to Do a Yellow Book Financial Audit (YBK4)

  • Format Live Seminar
  • Credits 4
  • Level Basic
  • Field of Study Auditing (Governmental) (4)

To register for a live seminar, visit the sponsoring state society’s website.

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Overview

The Yellow Book contains general standards, performance standards, and reporting standards for financial audits. The purpose of this course is to increase your confidence and proficiency in performing Yellow Book financial audits through a thorough understanding of the standards. The course materials utilize a highly illustrative and innovative format. Over a dozen focused exercises are included to provide an enhanced working knowledge of the Yellow Book.

Major Topics

  • The purpose and applicability of the Yellow Book (a.k.a. Government Auditing Standards or GAGAS)
  • Any current developments regarding the Yellow Book
  • The Yellow Book’s general requirements -- including independence requirements, professional judgment, competence (including CPE), and quality control and assurance (including peer review)
  • The Yellow Book performance standards for financial audits -- including auditor communication; previous audits and attestation engagements; fraud, noncompliance with provisions of laws, regulations, contracts, and grant agreements, and abuse; developing elements of a finding; and audit documentation
  • The Yellow Book reporting standards for financial audits -- including reporting auditor’s compliance with GAGAS; reporting on internal control, compliance with provisions of laws, regulations, contracts, and grant agreements, and other matters; reporting views of responsible officials; reporting confidential or sensitive information; and distributing reports
  • Additional considerations related to Yellow Book financial audits -- materiality, early communication of deficiencies

Learning Objectives

  • Thoroughly understand the financial auditing requirements of the Yellow Book
  • Excel in the Yellow Book auditing arena
  • Save time on Yellow Book engagements via in-depth knowledge of the requirements

Who should take this course:


Auditors performing Yellow Book financial audits

Basic audit knowledge

None

No

No

Yes

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