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.
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. Finally, this course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS.
At the end of this chapter, the student will be able to:
- Identify the types of auditors and audit organizations that may employ GAGAS to conduct their work,
- Recognize the types of engagements that may be conducted in accordance with GAGAS, and
- Identify terminology that is commonly used in GAGAS.
CPE Credit: 4 CPE for CPAs
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: Basic understanding of the auditing process.
Advanced Preparation: None
Revision Date: March 15, 2022