This lively session will provide an update to professional standards presented in the 2018 revision of Government Auditing Standards (Yellow Book and generally accepted government auditing standards (GAGAS), as it related to financial statement audits and the major changes from the prior 2011 Yellow Book. This hands-on session will provide meaningful explanations and examples to those responsible for complying with the GAGAS requirements related to financial statement audits and solutions to issues related to CPE and independence. Several case studies will be used to apply the material covered in this session.
When you complete this course you will be able to:
- Apply the new 2018 GAGAS requirements to financial statement audits.
- Recognize the proper handling of some of the more vexing issues related to the new standard, such as independence and CPE.
This session will provide examples of how:
- These standards will provide a framework for performing high-quality financial statement audits with independence.
- These standards provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process.
- The Yellow Book has been reformatted as it relates to requirements versus application guidance.
- The independence standard have been expanded; how the auditors should respond to significant threats to auditors’ independence; and the related documentation requirements.
- The peer review standard were modified and the additional requirements for audit organizations not affiliated with recognized organizations.
- The standards include a definition for waste.
- GAGAS requirements related to financial statement audits.
- Practical examples of the proper reporting of financial statements audits under the new standard.
Professional Area of Focus
Who Should Attend
Practitioners and financial professionals responsible for preparing financial statements in accordance with GAGAS as well as outside auditors performing audits under the Yellow Book.
Jun 27, 2019
7:30 am - 11:00 am EDT
9100 Coastal Hwy
Ocean City, MD 21842 US
Register for this Event
Beach Retreat: Solutions to the Question of “How Does the 2018 Yellow Book Standards Affect My Financial Statement Audits?”