Yellow Book Changes and Performance Audits
Yellow Book Changes and Performance AuditingIn July 2018, the GAO made some significant updates to the Yellow Book Standards. This course will outline the changes to the Yellow Book Standards in addition to a deep dive into the guidance for Performance Auditing and leading practices.Who Should Attend: Professionals wanting a deeper understanding of GAO Yellow Book Standards and how to conduct performance audits (NASBA Field of Study: Auditing).Objectives:Understand the Yellow Book Standards and changes effective in 2019Learn more about performance auditing and the updated standardsDiscuss best practices in performance auditingYellow Book changes include:Presentation of all chapters in a revised format that differentiates requirements from application guidance.New treatment of supplemental guidance from the appendix of the 2011 version of the standards, which is either removed or incorporated into the individual chapters.Expansion of the independence standard to state that preparing financial statements from a client-provided trial balance or underlying accounting records generally creates significant threats to auditors' independence. The revision also states that auditors should document the threats and safeguards applied to eliminate and reduce threats to an acceptable level — or decline to perform the services.Modification of the peer review standard to require that audit organizations comply with their respective affiliated organization's peer review requirements and GAGAS peer review requirements. Additional requirements are provided for audit organizations not affiliated with recognized organizations.The addition of a definition for waste and related examples.Specific considerations for when internal control is significant to the audit objectives for performance audits. ................
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