This course covers guidance for conducting financial audits in accordance with generally accepted government auditing standards (GAGAS) and reporting on them. In this section you will learn about financial audit licensing requirements for auditors, financial audit noncompliance, fraud, abuse issues, internal control reporting, and general reporting requirements. We also discuss reasons a GAGAS financial audit may be performed. The course also includes real-world cases and examples to support the learning objectives.

The 2018 revision of the Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted.

Learning Objectives
  • Recognize the requirements for conducting financial audits in accordance with generally accepted government auditing standards (GAGAS)
  • Identify the auditor requirements regarding noncompliance, fraud, and abuse
  • Identify the financial audit reporting requirements for auditors
Last updated/reviewed: August 23, 2023
7 Reviews (43 ratings)

Reviews

3
Anonymous Author
I think you need to add more tests questions. There was a lot of information to cover and there were only 5 questions. Your question re waste according to your glossary index is incorrect.
5
Anonymous Author
This course covered learning objectives as stated. Information was presented in a manner that was easy to follow.
4
Anonymous Author
Adam's explanations are clearly presented in a manner that it easy to understand. He makes good used of cases.
5
Anonymous Author
2018 Yellow Book Part 5: Government Auditing Standards: Financial Statement Audit Standards
4
Anonymous Author
Easy to understand explanation of Yellow Book standards for audit of Financial Statements
4
Anonymous Author
Great overview with illustrative examples. Appropriate amount of time allotted.
5
Anonymous Author
I enjoy the examples and stories that go along with the training.
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to 2018 Yellow Book Part 5: Government Auditing Standards: Financial Statement Audit Standards1:49
  GAGAS for Conducting Financial Audits9:13
  Internal Audit Video Clip5:13
  Findings10:41
  Audit Documentation10:16
  Reporting to Outside Parties9:46
  Distributing Reports & Conclusion2:40
CONTINUOUS PLAY
  2018 Yellow Book Part 5: Government Auditing Standards: Financial Statement Audit Standards 49:39
SUPPORTING MATERIALS
  Slides: 2018 Yellow BookPart 5PDF
  2018 Yellow BookPart 5 Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam