A Complete Guide To The New 2011 Yellow Book [YBYB Fbx]

Aug 1, 2012
Time: 8-4



Credit Hours:



Member: $295.00
Non-member: $445.00

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Discussion Leader: Laura Lindal

Website registration for this course closes on July 25, 2012. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

A Complete Guide To The New 2011 Yellow Book

August 1, 2012

Fairbanks, AK

$295 Member Fee
$445 Non Member Fee

In December 2011, the GAO issued an omnibus revision to the Yellow Book. The new Yellow Book will be effective for financial audits and attestation engagements for periods ending on or after December 15, 2012. The new Yellow Book features a conceptual framework approach to independence, updated financial auditing standards, clarified attestation standards, and more. The purpose of this course is to increase your confidence and proficiency in performing Yellow Book engagements through a thorough understanding of the new standards. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:
Understand the purpose and applicability of the Yellow Book (a.k.a. Government Auditing Standards or GAGAS)
Ethical principles in Yellow Book engagements
Types of Yellow Book audit and attestation engagements
The use of terminology to define the Yellow Book requirements
The Yellow Book's general requirements, including the new independence requirements, professional judgment, competence (including CPE), and quality control and assurance (including peer review)
The Yellow Book performance standards for financial audits, including auditor communication, previous audits and attestation engagements, fraud, noncompliance with provisions of laws, regulations, contracts, and grant agreements, and abuse, developing elements of a finding, and audit documentation
The Yellow Book reporting standards for financial audits, including reporting auditor's compliance with GAGAS; reporting on internal control, compliance with provisions of laws, regulations, contracts, and grant agreements, and other matters, reporting views of responsible officials, reporting confidential or sensitive information, and distributing reports
Additional considerations related to Yellow Book financial audits: materiality, early communication of deficiencies
The Yellow Book requirements for attestation engagements (examinations, reviews, and agreed-upon procedures) and performance audits
Learning Objectives:
Thoroughly understand the requirements of the 2011 Yellow Book revision
Excel in the Yellow Book auditing arena
Save time on Yellow Book engagements via in-depth knowledge of the requirements
Who Will Benefit:
Auditors performing Yellow Book engagements
Level of Knowledge: Basic
Prerequisite: Basic audit knowledge
Advanced Preparation: None
Yellow Book: Yes
New: Yes
Credits: 8
Field of Study: Auditing
Acronym: YBYB
Discussion Leader: Laura Lindal, CPA has her own public accounting firm located in Kirkland, Washington that specializes in attest engagements. She has over twenty years of experience in auditing, including audits performed in accordance with OMB Circular A-133, Consolidated HUD Audit Guide and Government Auditing Standards. She also works with other firms to design, perform, and document audits in accordance with professional standards while maintaining the highest degree of efficiency possible. She also works with companies and organizations as they develop their financial reporting process. She has complemented her skills by performing peer reviews and providing in-firm continuing professional education.
Laura has experience in a variety of industries, not limited to not-for-profit organizations, affordable housing, real estate development and property management, construction, manufacturing, and professional service industries.
Laura is a member of the Washington Society of Certified Public Accountants Auditing and Accounting Review Services Committee. She is also on the Washington Society of Certified Public Accountants Engagement Review Acceptance Body. She is a licensed certified public accountant in the states of California, Washington, and Alaska.