What You Need to Know About the Changes to Yellow Book
Author: Melisa Galasso
| CPE Credit: |
2 hours for CPAs |
The Yellow Book is getting an update. This on-demand course will cover the major changes auditors need to know when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus will include the updated independence requirements, form and organization of the guidance as well as quality control. The 2018 revision is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted.
Publication Date: July 2019
Designed For
CPAs in Public Practice who perform audits under GAGAS.
Topics Covered
- Format
- Independence Rules
- Peer Review
- Review Engagements
- CPE Requirements
- Performance Audits
- Miscellaneous
- Effective Date
Learning Objectives
- Describe the changes to Yellow Book
- Recognize how to analyze how nonaudit services impact independence
- Recognize requirements relating to peer review
- Identify paragraphs establishing requirements for reviews of financial statements in addition to the requirements for reviews of financial statements contained in the AICPA's AR-C section 90
- Describe changes to CPE requirements
- Differentiate deficiencies that are significant within the context of the audit objectives involves evaluating each of the following factors
- Identify new terminology in 2018 compared to 2011
- Recognize examples of actions that in certain circumstances could be safeguards in addressing threats to independence related to nonaudit services
- Describe how often an audit organization should obtain written affirmation of compliance with its policies and procedures on independence from all of its personnel required to be independent
- Recognize when changes to Yellow Book are effective
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
Prior experience with GAGAS.
Advance Preparation
None
