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Yellow Book: Government Auditing Standards



Yellow Book: Government Auditing Standards

Allison J. Harrell, Jeff Barbacci

ISBN: 978-1-119-51234-9 February 2018 176 Pages

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Do you perform engagements in accordance with generally accepted government auditing standards (GAGAS) as presented in the Yellow Book? This book provides an excellent baseline of information for accountants to better understand governmental auditing foundations, ethics, general audit standards, financial audit standards, attestation engagement standards, and fieldwork and reporting standards for performance audits. It is essential that all auditors planning and conducting audits in accordance with GAGAS understand and discern these concepts and standards in executing their responsibilities.

In addition to a chapter covering the key points in a Uniform Guidance compliance audit, this book also includes content from AICPA Guide Government Auditing Standards and Single Audits related to a Uniform Guidance compliance audit, including appendixes for example auditor's reports and sampling guidance.

This book will prepare you to do the following:

  • Identify the types of engagements that are performed under Government Auditing Standards.
  • Recognize Yellow Book requirements related to independence, peer review, and more.
  • Identify the additional requirements for performing a financial audit under GAGAS.
  • Recognize the additional GAGAS reporting requirements for financial audits.
  • Recall the requirements for performing attestation engagements and performance audits under the Yellow Book.

Overview Overview-1

Generally Accepted Government Auditing Standards (Yellow Book) Overview-1

Rationale for GAGAS Overview-2

Brief History of the GAS  Overview-3

Acquiring the Government Auditing Standards Publication  Overview-5

Advisory Council on GAGAS Overview-6

Chapter 1 Government Auditing: Foundation and Ethical Principles 1-1

Purpose and Applicability of GAGAS 1-3

Auditors, Audit Organizations, and Audits  1-4

Ethical Principles 1-5

Chapter 2 Standards for Use and Application of GAGAS 2-1

Types of GAGAS Audits and Attestation Engagements 2-2

Use of Terminology to Define GAGAS Requirements  2-10

Relationship between GAGAS and Other Professional Requirements 2-11

Stating Compliance with GAGAS in the Auditors’ Report 2-12

Other Important Concepts 2-13

Chapter 3 General Standards 3-1

Independence 3-2

Professional Judgment  3-18

Competence 3-20

Quality Control and Assurance  3-23

Chapter 4 Standards for Financial Audits 4-1

Additional GAGAS Requirements for Performing Financial Audits  4-2

Additional GAGAS Reporting Requirements for Financial Audits  4-6

Additional GAGAS Considerations for Financial Audits  4-13

Practice Exercises  4-15

Chapter 5 Standards for Attestation Engagements 5-1

Examination Engagements 5-3

Review Engagements 5-13

Agreed-Upon Procedures Engagements 5-16

Chapter 6 Fieldwork Standards for Performance Audits  6-1

Important Concepts Related to Performance Audits 6-2

Fieldwork Requirements for Performance Audits  6-4

Chapter 7 Reporting Standards for Performance Audits 7-1

Reporting 7-2

Report Contents 7-3

Distributing Reports  7-10

Chapter 8 Compliance Audits Under the Uniform Guidance 8-1




Chapter 1  Solutions 1

Chapter 2  Solutions 1

Chapter 3  Solutions 2

Chapter 4  Solutions 4

Chapter 5  Solutions 7

Chapter 6  Solutions 8

Chapter 7  Solutions 9

Chapter 8 Solutions 10