YBYB
A COMPLETE GUIDE TO THE YELLOW BOOK

The Yellow Book is a comprehensive document containing general standards, performance standards, and reporting standards for audit and attestation engagements. The Yellow Book features a conceptual framework approach to independence, financial auditing standards, attestation standards, and more. The purpose of this course is to increase your confidence and proficiency in performing Yellow Book engagements through a thorough understanding of the standards. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:

  • The purpose and applicability of the Yellow Book (a.k.a., Government Auditing Standards, or GAGAS)
  • Ethical principles in Yellow Book engagements
  • Types of Yellow Book audit and attestation engagements
  • The use of terminology to define the Yellow Book requirements
  • The Yellow Book’s general requirements, including the independence requirements, professional judgment, competence (including CPE), and quality control and assurance (including peer review)
  • The Yellow Book performance standards for financial audits – including auditor communication; previous audits and attestation engagements; fraud, noncompliance with provisions of laws, regulations, contracts, and grant agreements, and abuse; developing elements of a finding; and audit documentation
  • The Yellow Book reporting standards for financial audits – including reporting auditor’s compliance with GAGAS; reporting on internal control, compliance with provisions of laws, regulations, contracts, and grant agreements, and other matters; reporting views of responsible officials; reporting confidential or sensitive information; and distributing reports
  • Additional considerations related to Yellow Book financial audits – materiality, early communication of deficiencies
  • The Yellow Book requirements for attestation engagements (examinations, reviews, and agreed-upon procedures) and performance audits

Learning Objectives:

  • Thoroughly understand the requirements of the Yellow Book and how they relate to the AICPA’s requirements
  • Excel in the Yellow Book auditing arena
  • Save time on Yellow Book engagements via in-depth knowledge of the requirements

Designed For: Auditors performing Yellow Book engagements
Level of Knowledge: Basic
Prerequisite: Basic audit knowledge
Advanced Preparation: None
Credits: 8