Training programs council of the inspectors general on. These standards help frame both the auditors expectations on the scope of engagement and the agencys. The 2018 revision should be used until further updates and revisions. One of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements. Gaap and ifrs, and a strong technical understanding is critical to getting it all right.
Understanding the changes to yellow book independence. Auditors must use professional judgment when determining and documenting if these sessions qualify for yellow book cpe in accordance with the government accountability office, government auditing standards, december 2011 revision, and guidance on gagas requirements for continuing professional education, april 2005, gao05568g. In june 2006, the governmental accountability office gao released its proposed changes to government auditing standards the yellow book. Cpe stands for continuing professional education, by the way. Guidance on gagas requirements for continuing professional education april 2005 and government auditing standards. Illumeo offers many courses on government accounting gagas yellow book and offers hundreds of courses with qualifying cgfm cpe courses.
The 2018 yellow book supersedes the 2011 revision, the 2005 government auditing standards. Continuing education ce yellow book credits if an auditor is interested in yellow book credit, professional judgment must be used when determining and documenting if these sessions qualify for yellow book cpe in accordance with the government accountability office, government auditing standards, december 2011 revision, and guidance on gagas requirements for continuing professional education. View report pdf, 32 pages this document provides guidance to auditors and audit organizations in implementing the continuing professional education requirements prescribed by the 2003 revision of government auditing standards. The cpe hour requirement stays the same at 24 and 56. Continuing professional education minimum of 24 hours of cpe every 2 years government specific or unique environment auditing standards and applicable accounting principles additional 56 hours of cpe for auditors involved in planning, directing, or reporting on gagas assignments. Describe the requirements of continuing professional education under the yellow book cpe rules and gao guidance. Removed the 4hour gagas qualification cpe requirement proposed in the exposure draft. Aicpa governmental and notforprofit training program. Guidance on gagas requirements for continuing professional education, 2005.
Auditors of federal, state, and local government programs use. Yellow book credits if an auditor is interested in yellow book credit, professional judgment must be used when determining and documenting if these sessions qualify for yellow book cpe in accordance with the government accountability office, government auditing standards, december 2011 revision, and guidance on gagas requirements for continuing. Yellow book in depth 2020 cpe 24 governmental auditing self study. Gao issues revised yellow book standards for government. Citp or an equivalent basic criminal investigator training program is a prerequisite. Discern the gagas independence framework and issues. Guidance on gagas requirements for continuing professional education gao05568g. Guidance on gagas requirements for continuing professional education and government auditing standards. Because government accounting hews to a somewhat different set of rules than u.
To assist participants in assessing the impact of changes on current practice. Visit the gao website to read the requirements effective june 30, 2005, as outlined in the gaos guidance on gagas requirements for continuing education. The current yellow book states that auditors should maintain their professional competence and gagas qualification by completing at least 80 hours of cpe in every twoyear period, with at least 24 hours of cpe that directly relates to government auditing, the government environment, or the specific or unique environment in which the audited. Government accounting gagasyellow book training and cpe. Effective government accounting training courses and cpe. Update on the developments in government auditing standards. Yellow book continuing education requirements are governed by the u. What are the requirements for yellow book continuing professional education cpe. This time, the gao incorporated all cpe guidance into the 2018 revision to make it easier to ensure compliance with cpe.
And the requirements are a little bit involved so involved that the gao dedicated 17 pages. Government accountability office issues cpe guidance. The gaos 2014 green book standards for internal control in the federal government will be our guide. This event may be a rebroadcast of a live event and. In august, the government accountability office gao issued proposed standards revising generally accepted government auditing standards gagas, commonly known as the yellow book. The 80hour rule every two years the 24hour rule every two years then you must answer. Updating government auditing standards the 2018 yellow book posted on july 17, 2018 by watchblog today we issued a new revision of the generally accepted government auditing standards, also known as the yellow book, which supersedes the 2011 revision of the standards. Audit compliance outsourcing cpe seminars, chicago. However, the gao did add application guidance that emphasizes the need to obtain gagasspecific cpe especially when there are revisions to the standards.
The 2018 revision of government auditing standards supersedes the 2011 revision gao12331g, december 2011, the 2005 government auditing standards. The yellow book is used by auditors of government entities, entities that receive government awards, and other audit organizations performing yellow book audits. Today we issued an exposure draft containing proposed updates to generally accepted government auditing standards, also known as the yellow book. One of the biggest changes to cpe is the incorporation of the 2005 guidance on gagas requirements for continuing professional education. Gao plans to issue revised yellow book this summer. The coso model was revised in 20, more than 20 years after its initial creation.
This document is a followup to a june 2003 revision the gao made to government auditing standards also known as the yellow book that modified, among. Yellow book meets yellow cake and all sorts of delicious. Gao releases proposed changes to yellow book auditing. Updating government auditing standards the 2017 yellow. Effective january 1, 2004, the gao has deleted taxation from the list of subjects that always satisfy the 80hours every two years requirement. Updating government auditing standards the 2018 yellow book. The yellow book is the book of standards and guidance for auditors and audit organizations, outlining the. Summary of key changes in july 2018, the government accountability office gao released an updated version of the government auditing standards yellow book as a followon to a 2017 exposure draft. We invite your comments on the proposed changes, which reflect developments in the accounting and auditing profession. Inform and teach participants about the changes to the yellow book 2. In this webinar workshop, learn how to define risks and apply controls to mitigate the risks without creating a burdensome bureaucracy. A copy of the exposure draft is available at the gao web site o. The 2018 yellow book can be accessed on the gao yellow book web page. December 2011, the 2005 government auditing standards.
To assist participants in complying with the yellow book when conducting audits in conformity with these standards. Enhance understanding of major program determination. What types of coursework can be counted toward an auditors gagas cpe requirements. On behalf of more than 190,000 global members of the institute of internal auditors iia, including nearly 12,000 federal. Guidance on gagas requirements for continuing professional education gao 05568g, april 2005, and the 2014 government auditing standards. There is no formal preapproval process for the mncpa or any other sponsor to qualify a course for yellow book credit. Look at your cpe practices well before the effective date to make sure theyre consistent with the new standards since updating firm policies and procedures may be time and. Guidance on gagas requirements for continuing professional education gao05568g, april 2005, and the 2014 government auditing standards. The cpe requirements have been static until now since 2003. Understanding the changes to yellow book independence february 21, 2019 governmental audit.
In the 2003 revision of the yellow book, 80 hours of cpe must be completed every 2 years and should directly enhance the auditors proficiency to perform audits andor attestation engagements. Below we will address 1 who is subject to the yellow book cpe requirements and 2 what cpe classes satisfy those requirements. New federal ig criminal investigators, ideally within the first year of oig employment and within 36 months of completing the federal law enforcement training centers criminal investigator training program citp. Qualifies for yellow book cpe credit how do you make sure bad things dont happen.
The proposed revisions are wideranging and will affect future yellow book audits and attestation engagements. The 2011 revision left the 2005 document as a standalone resource. The yellow book provides standards and guidance for auditors and audit organizations, outlining the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. Banking, finance and accounting business economics government accounting standards public finance accounting and auditing.
It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. One yellow book hour 50 minutes equivalent to a cpe hour. Yellow book cpe requirements a summary cpa hall talk. In terms of yellow book cpe, many of the proposed changes in this area were removed in the final version. The 2003 revision of the government auditing standards, often referred to as the yellow book or generally accepted government auditing standards gagas, was issued by the comptroller general of the. Gao12331g, december 2011, the 2005 government auditing standards. Nasact webinar march 1, 2017 gaos yellow book exposure draft. Effective with the implementation dates for the 2018 revision of the yellow book, the gao is retiring government auditing standards.