Many for-profit entities receive government assistance or are required to have financial statement or compliance audits due to law or regulation. This course discusses the requirements under Generally Accepted Auditing Standards relevant to for-profit entity audits.

Major Topics:

  • What is Yellow Book?
  • What is different because of Yellow Book?
  • When might Yellow Book apply to a business?
  • Common application of concepts to businesses
  • Answers to common questions

Who Should Attend:
Anyone responsible for preparing or attesting upon financial statements.

Learning Objectives
  • Discover and describe when Generally Accepted Auditing Standards may apply to for-profit entities.
  • Explore and explain what additional responsibilities exist with a Yellow Book financial statement audit.
  • Identify and list typical for-profit entities that may be subject to Yellow Book or government compliance audit requirements.
Last updated/reviewed: March 23, 2025
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
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
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives0:26
  What is Yellow Book14:38
  Focus on Government Assistance12:20
  What is Different Because of Yellow Book21:32
  What is Different Because of Yellow Book Cont'd17:46
  When Might Yellow Book Apply to A For Profit10:24
  AU-C Section 935 - Compliance Audits4:32
  What is Different Because of Single Audit5:36
  Focus on Department of Health and Human Services6:20
  Focus on HUD4:22
CONCLUSION
  Wrap Up5:18
CONTINUOUS PLAY
  Financial Statement and Audit Requirements for Businesses Receiving Government Assistance1:43:14
SUPPORTING MATERIAL
  Slides: Financial Statement and Audit Requirements for Businesses Receiving Government AssistancePDF
  Financial Statement and Audit Requirements for Businesses Receiving Government Assistance GlossaryPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam