This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka 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. We’ll also 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 issued in 2020 as well as the impact of COVID on Single Audits.
Key Topics:
2018 Yellow Book including CPE requirements for Yellow Book
COVID19 GAGAS Alert
SAS 134 and 140
Uniform Guidance Update
Learning Objectives:
• Identify changes to the auditor’s report
• Analyze how non-audit services impact independence
• Describe changes to the Uniform Guidance
• Recall impact of COVID19 on Single Audits and GAGAS engagements
BENEFITS
Describe the changes to Yellow Book
Analyze how nonaudit services impact independence
Identify proposed changes to the Uniform Guidance
List common deficiencies found in Single Audits
Identify the five methods of procurement
Describe the changes to the new Compliance Supplement
HIGHLIGHTS
- Changes to Yellow Book and Single Audits
- Single Audit under the Uniform Grant Guidance
- Auditing
COURSE LEVEL
Update
PREREQUISITES
Prior experience with GAGAS and Uniform Guidance.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
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