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Overview of Yellow Book, by Wolters Kluwer

Overview of Yellow Book is brought to you by Wolters Kluwer

Government Audit Standards, nicknamed Yellow Book, are additional standards layered on top of auditing standards. We will look at the independence requirements, CPE requirements and additional reporting requirements that are contained in Yellow Book.

Publication Date: June 2022

Topics Covered

  • Auditing Standards vs. Government Auditing Standards (Yellow Book)
  • Additional Reporting — Compliance
  • New Format
  • Independence
  • Categories of Threats
  • Key Differences Between 2018 YB and AICPA Code
  • Independence Rules Comparison
  • Application of the Conceptual Framework
  • Non-Audit Services
  • Applying the Conceptual Framework
  • A Summary of Key Considerations in the Evaluation of Threats and Safeguards
  • Yellow Book CPE
  • Reporting and Findings
  • Waste and Abuse

Learning Objectives

  • Identify when to do an audit under Yellow Book
  • Recognize the additional requirements of Yellow Book
  • Describe the specific independence requirements
  • Recognize how to report when doing a Yellow Book audit
  • Identify a distinguishing mark of an auditor is acceptance of responsibility to serve
  • Recognize the three types of Yellow Book engagements
  • Describe which chapter of the Yellow Book is applicable to all types of in-scope engagements
  • Identify what reflects the last step in the conceptual framework
  • Recognize how many hours in subject matter that directly enhances an auditor’s professional expertise to conduct audits Yellow Book requires

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