Compare the requirements of the aicpa, the gao, and uniform administrative requirements, cost principles, and audit requirements for federal awards 2. The 2018 yellow book can be accessed on the gao yellow book web page. A complete guide to the new yellow book webinar picpa. Standards, often referred to as the yellow book or generally. This document provides guidance to auditors and audit organizations in implementing the continuing professional education cpe requirements prescribed by the government auditing standards yellow book issued by the comptroller general of the united states of the government accountability office gao. The yellow book provides standards and guidance for auditors and audit organizations, outlining the requirements for audit reports, professional qualifications for auditors, and audit. Auditors engaged in gagas engagements must comply with the government accountability office gao yellow book continuing education requirements.
The yellow book cpe requirement is 24 hours of cpe every two years. Here is a post that provides guidance about the continuing education classes that qualify. In this episode of the sample, leita hartfanta, cpa answers the question, do i really have to do that unconditional and presumptively mandatory requirements if auditors want to declare in their audit report that they conducted the audit in accordance with gagas, they need to know the difference between the yellow book s unconditional requirements, presumptively mandatory. It is essential that all auditors planning and conducting engagements in accordance with the new yellow book understand and be able to discern the requirements related to independence as. While the expanded cpe recognition qualifies for illinois state licensure, it does not qualify for the 24 or 80hour cpe requirements of government auditing standards i.
This is an expansion of a concept introduced in the 2011 yellow book, referred to as abuse. At least 80 hours of acceptable cpe every two years with a minimum of 20 hours. Get all your yellow book auditing cpe requirements for cpas in one convenient location, right here on. Cpe stands for continuing professional education, by the way. Each auditor performing work under gagas should complete every two years at least 80 hours of cpe that directly enhance the auditors professional. And the requirements are a little bit involved so involved that the gao dedicated 17 pages. The gao does not want auditors claiming that they performed an audit according to standards if they havent met yellow book cpe. Below we will address 1 who is subject to the yellow book cpe requirements and 2 what cpe classes satisfy those requirements. Yellow book auditing cpe for cpas yellow book courses. The new yellow book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control. Aicpa requires that cpas have continuing education to be a member. Yellow book cpe requirements professional reading of published materials e. The yellow book is used by auditors of government entities, entities that receive government awards, and other audit organizations performing yellow book audits.
Auditors performing work under the gaos government auditing standards are required to complete, every two years, 24 hours of cpe in subjects directly related. The 2018 yellow book introduces a new concept referred to as waste. Recall the concepts and guidance found in the yellow book. Update on the developments in government auditing standards. Recognize the additional gagas reporting requirements. There is no formal preapproval process for the mncpa or any other sponsor to qualify a course for yellow book credit. Effective with the implementation dates for the 2018 revision of the yellow book, the gao is retiring government auditing standards. It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. The missouri state board of accountancy amended accountancy rule, effective starting in 2020. When submitting your renewal as an active license holder, you will be attesting that you have met the following cpe requirements. Yellow book continuing education requirements are governed by the u.
Cpe requirements all jurisdictions accept courses from registry sponsors to a certain extent. Government auditing standards yellow book practice aids. One yellow book hour 50 minutes equivalent to a cpe hour. Identify the additional requirements for performing a financial statement audit under government auditing standards. Similar to the 2011 yellow book, cpe requirements are. Yellow book cpe requirements a summary cpa hall talk.
Cpe requirements may be adjusted depending upon when a virginia cpa begins or ceases to provide services to the public or to or on behalf of an employer. You can see which jurisdictions have these requirements. Click to view cpe requirement information for puerto rico order 24 hoursaday 1. Download our learning brochure 20 pages which highlights the benefits of investing in aicpa learning and our key solutions. Surgents selfstudy yellow book package cpe for cpas. Credits granted for pes courses are based on the aicpa. For example, section 1 of the yellow book addresses appraisal development, and section 2 addresses appraisal reporting. The structure of the yellow book has been revised to be more consistent with uspap. Determining which courses qualify for the yellow book 24hour requirement are made on an auditorspecific basis based on the auditors yellow book clients. Auditors of federal, state, and local government programs use these standards to perform their audits and produce their reports.
After completing this section of the course, you will be able to. Fulfill your 24hour yellow book requirement for one low price with surgents selfstudy yellow book package. Define significant requirements of the yellow book. View cpe requirements information for eas, cfps and all other designations by clicking here. The gaos yellow book, government auditing standards, lays down certain cpe requirements. The appropriateness of the subject matter provided to satisfy cpe requirements in a matter of. What are the requirements for yellow book continuing professional education cpe. Auditors performing work under the gaos government auditing standards are. Identify the additional requirements for performing a financial audit under gagas. This evaluation should be documented and follow the existing gas independence framework, which continues to be a part of the 2018 revised yellow book. To summarize the requirements of the independence framework. Guidance on gagas requirements for continuing professional.
Waste is defined as the act of using or expending resources carelessly, extravagantly, or to no purpose. Today most cpas and governmental auditors are on the go and cant always wait to take their required yellow book. Yellow book financial audits maryland association of. The 80hour rule every two years the 24hour rule every two years then you must answer. Government auditing standards, december 2011 revision also referred to as the yellow book the professional standards and guidance for financial audits contained in government. In this course, we will cover the audit requirements that exceed aicpa standards in the gao s yellow. Cpe requirements mississippi society of certified public. Are you looking for the yellow book cpe requirements.
There is no formal preapproval process for the mncpa or any other sponsor to qualify a course. The aicpas governmental audit quality center gaqc web site section provide links to practice aids and tools that will assist auditors in understanding the requirements of government auditing standards, issued by the comptroller general of the united states also referred to as the yellow book. One of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements. However, some jurisdictions have additional requirements. In terms of yellow book cpe, many of the proposed changes in this area were removed in the final version. Identify the revised requirements and guidance related to independence in the 2018 revision of the yellow book. Gao issues revised yellow book standards for government.