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Introduction to Yellow Book, by Wolters Kluwer

Introduction to Yellow Book is brought to you by Wolters Kluwer

Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.

Publication Date: March 2022

Designed For
Ideal for practitioners new to governmental or nonprofit auditing.

Topics Covered

  • Yellow Book Overview
  • Definitions
  • Ethics
  • General Standards
  • Yellow Book Independence
  • Professional Judgment
  • Competence
  • Yellow Book CPE Requirements
  • Quality Control and Assurance
  • Standards for Financial Audits
  • Example Reporting

Learning Objectives

  • Describe the unique auditing requirements in the Yellow Book
  • Describe Self-Review Threat
  • Identify routine activities according to Yellow Book
  • Recognize when an auditors report on internal controls over financial reporting when performing a financial statement audit under Yellow Book
  • Identify ethical principles of GAGAS
  • Recognize safeguards for performing nonaudit services
  • Identify additional reporting requirements for financial audits
  • Describe correct statements regarding GAGAS

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