The Yellow Book Explained (CPE Course)
CPE Credit: 4 hours
Course Type: Downloaded PDF materials with online test
Price (with PDF Textbook): $45
Course Description
The 2018 Yellow Book (which is the most recent update) contains the latest version of generally accepted government auditing standards (GAGAS). The contents of the Yellow Book may seem incomprehensible for someone not familiar with government auditing. In the Yellow Book Explained course, we convert every aspect of the standards into plain English, so you can better understand how to apply them to an audit. The course covers all aspects of GAGAS, including auditor independence, quality control, fieldwork standards, and reporting standards. This course is useful for both internal and external auditors who work with government entities.
Author: Steven Bragg
Course Number: AU1035
Table of Contents
Chapter 1. Yellow Book Overview
Chapter 2. Ethics, Independence, and Professional Judgment
Chapter 3. Competence
Chapter 4. Quality Control and Peer Review
Chapter 5. Standards for Financial Audits
Chapter 6. Standards for Attestation and Review Engagements
Chapter 7. Fieldwork Standards for Performance Audits
Chapter 8. Reporting Standards for Performance Audits
Learning Objectives
Identify the source of the Yellow Book.
Specify how generally accepted government auditing standards (GAGAS) treat the concepts of “must” and “should.”
Describe how to enforce a high level of ethical standards.
Identify the composition of the independence concept.
Specify how the independence of an auditor can be impacted in a GAGAS audit.
Identify the activities associated with the exercise of professional skepticism.
Recall who is responsible for the continuing education requirements of an auditor.
Specify the continuing professional education requirements for a GAGAS auditor.
Describe the components of an audit organization’s quality control system, and how the process works.
Specify how audit work is supposed to be supervised.
Specify the reporting requirements associated with an audit of financial statements.
Recall which standards are incorporated by reference into GAGAS.
Recall the service levels at which an attestation engagement can be delivered.
Specify how audit risk can be reduced.
Identify the indicators of an increased risk of fraud.
Recall the circumstances under which noncompliance issues must be reported to third parties.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Auditing
Prerequisites: None
Advance Preparation: None
Latest Review Date: September 2023
Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.
AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.
AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.