Governmental Auditing Update: Yellow Book and Uniform Guidance
Author: Melisa Galasso
| CPE Credit: |
5 hours for CPAs |
This course covers the important information needed when performing Yellow Book and Single Audit engagements. Areas of focus include the updated independence requirements in Yellow Book as well as the 2021 Yellow Book Technical correction. We'll also review 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 issued in 2020 as well as the impact of COVID-19 on Single Audits.
Publication Date: April 2022
Designed For
CPAs performing Yellow Book and Uniform Guidance audits.
Topics Covered
- AICPA Reporting Update
- Audit Reporting Suite
- SAS 134
- AU-C 700
- AU-C 701
- SAS 137
- SAS 138
- SAS 140
- Yellow Book Update
- 2021 Technical Correction
- Five E's
- Yellow Book Independence
- Nonaudit Services
- Preparing Accounting Records and Financial
- Data Reliability
- 2021 Compliance Supplement
- COVID Considerations
- ARPA
- CSLRFR
- 2020 Uniform Guidance
Learning Objectives
- Identify changes to the auditor's report
- Recognize and analyze how nonaudit services impact independence
- Describe changes to the Uniform Guidance
- Recognize the impact of COVID-19 on Single Audits
- Recognize what the auditor should/would do when reporting KAM
- Differentiate how AU-C sections are impacted by SAS 137
- Identify where information about the auditor's responsibilities for going concern is always included
- Recognize what the auditor should do if management lacks SKE
- Describe a significant risk to independence per the 2018 Yellow Book
- Identify factors not relevant in evaluating the significance of any threats created by providing services
- Describe the purpose of a data reliability assessment
- Recognize which Federal Program was deemed to be high risk per the 2021 Compliance Supplement
- Identify changes from the interim rule to the final rule for CSLFRF
- Recognize what is subject to audit per the 2021 CS for CSLFRF
- Identify primary goals of the update of the Uniform Guidance
- Describe procurement types in the Uniform Guidance
- Identify the next consideration after a threat has been identified for purposes of the GAGAS Conceptual Framework for Independence
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (5 hours)
Program Prerequisites
Prior experience with GAGAS and Uniform Guidance.
Advance Preparation
None
