Description
The 2024 Yellow Book is here!
The 2024 revision of Government Auditing Standards contains major changes from, and supersedes, Government Auditing Standards 2018 Revision Technical Update April 2021.
The 2024 Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for periods beginning on or after December 15, 2025, and for performance audits beginning on or after December 15, 2025. A system of quality management that complies with the Yellow Book is required to be designed and implemented by December 15, 2025, with an evaluation of the system of quality management due by December 15, 2026. Early implementation of the 2024 Yellow Book is permitted!
This updated course is essential for auditors performing Yellow Book audits. It provides detailed information about conducting engagements in accordance with the Yellow Book and requirements related to independence. This course will increase your knowledge of the requirements and application guidance related to ethics, standards for financial audits, attestation engagements, performance audits, and more.
- Qualifies for Yellow Book CPE
- New guidance is expected to be issued in the first half of 2024 which will have a pretty large impact on this course - that is why we moved it from June to September - to ensure you have access to the most up-to-date information possible.
- This guidance was received in early February.kjp-[ gh 8;08[p-lreu7gf5trkk9gv0tf
Designed For
Objectives
When you complete this course you will be able to:
- Understand major changes in the 2024 revision of Government Auditing Standards:
- an emphasis on the responsibility of an audit organization's leadership for proactively managing quality on its engagements.
- an approach that promotes scalability of the system of quality management for use by audit organizations differing in size and complexity
- a risk-based process for achieving the objectives of quality management.
- a change in approach from quality control to quality management
- flexibility for audit organizations subject to other quality management standards to avoid the burden of designing, implementing, and operating separate systems of quality management.
- promotion of proactive and effective monitoring activities and increased emphasis on tailoring monitoring activities
- provisions for optional engagement quality reviews of GAGAS engagements
- application guidance on key audit matters for when they may apply to financial audits of government entities and entities that receive government financial assistance.
- Distinguish the types of engagements that are performed under generally accepted government auditing standards (GAGAS)
- Recognize the requirements found in Government Auditing Standards (Yellow Book)
- Identify the requirements and guidance related to independence
- Recall the requirements regarding CPE, professional judgment, quality control and peer review under GAGAS
- Identify the additional requirements for performing and reporting on a financial audit under GAGAS
- Recall the requirements for performing attestation and review of financial statement
Highlights
- Foundation and principles for government auditing
- General requirements for complying with Government Auditing Standards
- Ethics, independence, and professional judgment
- Competence and CPE
- Quality control and peer review
- Standards for financial audits
- Standards for attestation and review engagements
- Fieldwork and reporting standards for performance audits
- ALL NEW GUIDANCE ISSUED IN FIRST HALF OF 2024
- Major changes to chapter 5, "Quality Management, Engagement Quality Reviews, and Peer Review" replace chapter 5, "Quality Control and Peer Review."
- The changes align with many of the changes from the AICPA Quality Management Standards (SQMS 1 & 2) including the use of a risk based approach to quality.
- It also includes flexibility for those subject to the AICPA to avoid burden of having to manage 2 systems.
- Application guidance to chapter 6, "Standards for Financial Audits"
- Provides guidance on key audit matters such as when they may apply to financial audits of government entities and entities that receive government financial assistance.
- Major changes to chapter 5, "Quality Management, Engagement Quality Reviews, and Peer Review" replace chapter 5, "Quality Control and Peer Review."
Advanced Prep
- Download PDF manual - view your upcoming events in "My CPE" on website
- Test your computer/device for compatibility with virtual meeting space well in advance of your webinar
Register Now
Leaders
Michele Kemp
ACAS, LLC was established and is solely owned by Michele Kemp, CPA in 2011 to operate a Certified Public Accounting Firm located in Little Rock, Arkansas. She began her public accounting career at BKD, LLP, the 11th largest CPA firm in the country where she left as a Manager to start her own firm. Prior to establishing the Limited Liability Company, Michele provided services as a sole proprietor for five years. She worked to grow her practice, and now has a team with over 25 years of combined experience in the accounting, tax and consulting industry. The firm's commitment to quality work and personal service sets us apart from other accounting firms. Our certified public accountants have the experience and expertise to help our clients achieve success. Additionally, our entire professional team attends on-going training to keep up-to-date on issues affecting our clients. Michele is owner and Managing Member with more than 15 years of experience providing a variety of services to include assurance, tax, training and business consulting. Michele specializes in governmental and not-for-profit organizations. Michele received a Bachelor of Science in Accounting and a Bachelor of Science in Economics and Finance from Arkansas Tech University. She also graduated with a Masters of Accountancy from the University of Central Arkansas. Michele is a member of the American Institute of Certified Public Accountants. She is also a member and instructor for the Arkansas Society of Certified Public Accountants. Michele is also a licensed certified public accountant in Texas where she is a member of the Texas State Society of Certified Public Accountants.