2022 Yellow Book Update: Current Issues in Performing Yellow Book Audits

Learning Objectives

• To describe the key changes resulting from the 2018 revision to Government Auditing Standards (Yellow Book).
• To explain important areas of emphasis within the Yellow Book.
• To discuss the types of engagements covered by Government Auditing Standards (Yellow Book).
• To explain what needs to be done differently from generally accepted auditing standards (SASs) on financial statement audits to also comply with Yellow Book.
• To discuss other services that Yellow Book applies to, such as reviews, examinations, agreed-upon procedures, and performance audits.

Course Description

The 2022 Edition of the GAGAS Guide has been updated to reflect the latest available professional standards. This CPE course reflects all the changes resulting from the AICPA's efforts to clarify auditing, attestation, preparation, compilation, and review standards. 

This CPE webinar includes the important changes to Yellow Book as well as Single Audits. 

It will review the major changes auditors need to understand when performing audits under GAGAS (Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control as well as common deficiencies. 

Our speaker Jennifer Louis will look at the AICPA’s reporting standard and its impact on the auditor’s report as well as the Compliance report for Single Audits. We will then switch gears and cover the Uniform Guidance including the most recent changes to the Uniform Guidance.

This CPE course will be an overview of: 

• Scope and nature of Government Auditing Standards (Yellow Book). 
• Yellow Book general standards, including independence. 
• Requirements for performing financial statement audits performed by generally accepted auditing standards and Yellow Book.
• Reporting and communication requirements of a financial statement audit performed under Yellow Book.
• Differences in audit objectives and reporting requirements for various Yellow Book engagements, including performance audits.

Join this Yellow Book CPE webinar to learn the Yellow Book updates and current issues in performing yellow book audits.

Overview

• 2018 Yellow Book changes

  9 mins
• 2018 Chapter 3 : Ethics, Independence, and Professional judgement

  23 mins
• F/S Preparation and Bookkeeping prohibited activities

  46 mins
• Subject matter that may only qualify towards the 80 hours

  61 mins
• Reporting fraud, Noncompliance, Waste and Abuse

  78 mins
• Other reporting special Yellow book considerations

  94 mins