The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

Learning Objectives

• This course will describe when the Yellow Book standards must be applied.
• This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work.
• This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations.
• This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS.
• This course will identify the individuals who have a role in an audit engagement.
• This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization work competently.
• This course will identify the requirements for auditor communication.
• This course will identify the three levels of service as identified by the AICPA.
• This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.
• Finally, this course will describe what must be included and what must be excluded from an audit report.