2024 Yellow Book

Exam Questions: 40
Course Level: Basic
Pages: 238 | Content: 214, Supplemental: 24
NASBA Area of Study: Auditing - Governmental
Not Acceptable for: Enrolled Agents
Version: 8350

This course provides a framework for performing high-quality audit work according to Generally Accepted Government Auditing Standards (GAGAS) with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. PLEASE NOTE: This course is based on the 2024 revision of the "Yellow Book," which is effective for financial audits, attestation engagements, and reviews of financial statements for periods beginning on or after December 15, 2025, and performance audits beginning on or after December 15, 2025. A system of quality management that complies with Government Auditing Standards is required to be designed and implemented by December 15, 2025. An audit organization should complete its evaluation of the system of quality management by December 15, 2026. Early implementation is permitted. Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Foundation and Principles for the Use and Application of Government Auditing Standards
  • General Requirements for Complying with Government Auditing Standards
  • Ethics, Independence, and Professional Judgment
  • Competence and Continuing Professional Education
  • Quality Management, Engagement Quality Reviews, and Peer Review
  • Standards for Financial Audits
  • Standards for Attestation Engagements and Reviews of Financial Statements
  • Fieldwork Standards for Performance Audits
  • Reporting Standards for Performance Audits
  • To recognize different types of attestation engagements
  • To identify factors to consider when determining the type of compliance statement to be issued
  • To identify ethical principles that guide an auditor's performance
  • To recall threats to independence and how the threats are evaluated and mitigated
  • To recognize the requirements of competence
  • To identify the continuing professional education requirements
  • To recall the quality control and peer review requirements
  • To recognize characteristics of the standards for financial audits
  • To identify types of attestation engagements and what to include when reporting internal control deficiencies
  • To recall characteristics of performance audits
  • To recognize reporting characteristics for performance audits

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.