CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Federal Government Auditing

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
22 Credits: Auditing (Governmental)

Course Description

Whether you’re a financial professional performing a federal government audit or simply working for an organization that has repeated financial dealings with the government, this is an essential guide for you. You’ll find a simple, straightforward presentation of information you are required to know regarding the applicable laws, regulations, and auditing standards you need to be familiar with. Important topics covered include:

  • Guidance on what, why, how, and by whom audits should be performed
  • Discussion on internal control over federal financial reporting
  • Recent developments in auditing standards
  • Federal financial statements, budgeting, and accounting
  • Information on the amount of time and work a government audit will take
  • Examples of federal audits

If you’re a local, state, or federal government auditor; public accountant; military comptroller; or financial analyst, you’ll sharpen your knowledge of government audits and gain an essential reference guide.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • List changes of history of federal auditing in the 70s and 80s
  • Identify who is responsible for setting the standards for federal audits
  • Cite responsibilities of the GAO and CIGIE
  • Name publications of the OMB
  • Define attestation review and tools used by the Treasury

Chapter 2

  • Specify legislation that laid out provisions for tax collection, monitoring of federal records, year-end audits, fraud prevention, and budgetary concerns
  • Define terminology under the Single Audit Act
  • Name an objective of the GPRA
  • List financial management and budget laws that have recently become effective

Chapter 3

  • State the current status of federal financial reporting and internal control
  • Identify the definition of internal control and the two types of technology-related controls under COSO
  • List a provision under OMB Circular A-123, Appendix A
  • Specify how to categorize deficiencies when analyzing internal controls
  • Define a recent technological development providing an early warning to auditors

Chapter 4

  • List phases of the budget cycle and events or timing associated with each phase
  • Cite the purpose of the CBO
  • Specify how appropriations or other budget authority approved by Congress affects a government agency
  • Identify the makeup and procedures of federal accounting
  • Define terminology pertaining to federal entities

Chapter 5

  • List the hierarchy of GAAP from the FASAB
  • Cite regulations that affect how federal entities operate
  • Define terms associated with federal entities and their operation
  • State items that are presented in financial statements of federal entities

Chapter 6

  • Identify a recent trend in auditing standards
  • Cite a provision of the GAO’s FAM
  • Specify the effects and those affected by SAS 103
  • Define terms important to AU-C 600
  • Identify the effect of recent guidance on federal audits

Chapter 7

  • State something to be aware of when planning a federal audit and list stages of such an audit
  • List phases of a federal model audit and what occurs during the different phases
  • Cite the content of any of the important assertions for management for an audit
  • Define an audit procedure involving an auditor actually witnessing an event
  • Identify a best practice for determining which audit procedures to perform
  • Specify a requirement or type of audit evidence

Chapter 8

  • Identify issues and realities that are important to consider when planning an audit
  • Specify a procedure that has been ignored in the past and caused problems in commercial audits
  • Define a term that covers goals and objectives as well as the processes that help an entity achieve its goals
  • Cite categories of sources of information on federal agencies and specific sources in each category
  • Name a good practice to establish a working relationship with the members of a federal agency during an audit
  • List a characteristic of an audit team meeting
  • State a feature of Gantt charting

Chapter 9

  • Identify what type of objective a specific control objective is
  • List findings of Congress and the OMB about current and past internal controls relating to both federal agencies and public companies
  • Cite legislation responsible for federal agency IT systems and security
  • Define terminology related to tone at the top and COSO controls
  • Cite activities performed in documentation and planning phases of internal control
  • Define a cycle where activities are performed, documentation is created, and data is gathered and reported

Chapter 10

  • Specify things to consider when looking at control deficiencies and control risk
  • List factors in determining risk
  • Name steps in the account-level risk assessment process
  • Identify procedures for testing relevant internal controls and finalizing and documenting audit approach

Chapter 11

  • Define types of risk related to an audit
  • Identify characteristics of substantive tests and testing internal controls
  • List procedures for testing controls and deciding which controls should be tested
  • Name procedures used in account balance validation
  • Define analytical procedures
  • Specify advice for using sampling techniques like statistical sampling

Chapter 12

  • Identify characteristics of legal representation letters and the final critique of the audit plan and procedure
  • Name the set of standards issued by the AICPA to develop and maintain effective quality control
  • Cite documentation and staff assignment, supervision, and competence requirements
  • List important details of auditor’s reports on financial statements and federal agency’s compliance with laws and regulations

Chapter 13

  • Name three security concepts for information security and four factors to consider when evaluating IT risk
  • Cite characteristics of OMB Circulars
  • List a requirement regarding privacy when performing a federal IT audit
  • Define a type of FISCAM control
  • Cite a current trend in information assurance in IT audits

Chapter 14

  • Identify rules and regulations pertaining to performance audits and their requirements
  • List an objective of assessing relative economy and efficiency of an entity’s operations
  • Define terminology found in the Yellow Book regarding audits
  • Cite guidance concerning the phases and requirements of a performance audit

Chapter 15

  • Name a simplified purchasing agreement used to fulfill an agencies repetitive service and supply needs
  • Define a formal request to the Treasury to make specific payments to contractors
  • Identify types of grants and the organization authorized to monitor said grants
  • State requirements or characteristics used to analyze grant activity

Chapter 16

  • Specify standards required by Yellow Book for attestation engagements and how they may differ from AICPA rules
  • Identify a type of statement found in an attestation report
  • Define characteristics of agreed-upon procedures

Course Specifics

Course ID
5146001
Revision Date
February 15, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

No Instructor Selected

Federal Government Auditing

Expert Instructors
Format
CPE CREDITS
22 Credits: Auditing (Governmental)

$440.00$480.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
22 Credits: Auditing (Governmental)

Course Description

Whether you’re a financial professional performing a federal government audit or simply working for an organization that has repeated financial dealings with the government, this is an essential guide for you. You’ll find a simple, straightforward presentation of information you are required to know regarding the applicable laws, regulations, and auditing standards you need to be familiar with. Important topics covered include:

  • Guidance on what, why, how, and by whom audits should be performed
  • Discussion on internal control over federal financial reporting
  • Recent developments in auditing standards
  • Federal financial statements, budgeting, and accounting
  • Information on the amount of time and work a government audit will take
  • Examples of federal audits

If you’re a local, state, or federal government auditor; public accountant; military comptroller; or financial analyst, you’ll sharpen your knowledge of government audits and gain an essential reference guide.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • List changes of history of federal auditing in the 70s and 80s
  • Identify who is responsible for setting the standards for federal audits
  • Cite responsibilities of the GAO and CIGIE
  • Name publications of the OMB
  • Define attestation review and tools used by the Treasury

Chapter 2

  • Specify legislation that laid out provisions for tax collection, monitoring of federal records, year-end audits, fraud prevention, and budgetary concerns
  • Define terminology under the Single Audit Act
  • Name an objective of the GPRA
  • List financial management and budget laws that have recently become effective

Chapter 3

  • State the current status of federal financial reporting and internal control
  • Identify the definition of internal control and the two types of technology-related controls under COSO
  • List a provision under OMB Circular A-123, Appendix A
  • Specify how to categorize deficiencies when analyzing internal controls
  • Define a recent technological development providing an early warning to auditors

Chapter 4

  • List phases of the budget cycle and events or timing associated with each phase
  • Cite the purpose of the CBO
  • Specify how appropriations or other budget authority approved by Congress affects a government agency
  • Identify the makeup and procedures of federal accounting
  • Define terminology pertaining to federal entities

Chapter 5

  • List the hierarchy of GAAP from the FASAB
  • Cite regulations that affect how federal entities operate
  • Define terms associated with federal entities and their operation
  • State items that are presented in financial statements of federal entities

Chapter 6

  • Identify a recent trend in auditing standards
  • Cite a provision of the GAO’s FAM
  • Specify the effects and those affected by SAS 103
  • Define terms important to AU-C 600
  • Identify the effect of recent guidance on federal audits

Chapter 7

  • State something to be aware of when planning a federal audit and list stages of such an audit
  • List phases of a federal model audit and what occurs during the different phases
  • Cite the content of any of the important assertions for management for an audit
  • Define an audit procedure involving an auditor actually witnessing an event
  • Identify a best practice for determining which audit procedures to perform
  • Specify a requirement or type of audit evidence

Chapter 8

  • Identify issues and realities that are important to consider when planning an audit
  • Specify a procedure that has been ignored in the past and caused problems in commercial audits
  • Define a term that covers goals and objectives as well as the processes that help an entity achieve its goals
  • Cite categories of sources of information on federal agencies and specific sources in each category
  • Name a good practice to establish a working relationship with the members of a federal agency during an audit
  • List a characteristic of an audit team meeting
  • State a feature of Gantt charting

Chapter 9

  • Identify what type of objective a specific control objective is
  • List findings of Congress and the OMB about current and past internal controls relating to both federal agencies and public companies
  • Cite legislation responsible for federal agency IT systems and security
  • Define terminology related to tone at the top and COSO controls
  • Cite activities performed in documentation and planning phases of internal control
  • Define a cycle where activities are performed, documentation is created, and data is gathered and reported

Chapter 10

  • Specify things to consider when looking at control deficiencies and control risk
  • List factors in determining risk
  • Name steps in the account-level risk assessment process
  • Identify procedures for testing relevant internal controls and finalizing and documenting audit approach

Chapter 11

  • Define types of risk related to an audit
  • Identify characteristics of substantive tests and testing internal controls
  • List procedures for testing controls and deciding which controls should be tested
  • Name procedures used in account balance validation
  • Define analytical procedures
  • Specify advice for using sampling techniques like statistical sampling

Chapter 12

  • Identify characteristics of legal representation letters and the final critique of the audit plan and procedure
  • Name the set of standards issued by the AICPA to develop and maintain effective quality control
  • Cite documentation and staff assignment, supervision, and competence requirements
  • List important details of auditor’s reports on financial statements and federal agency’s compliance with laws and regulations

Chapter 13

  • Name three security concepts for information security and four factors to consider when evaluating IT risk
  • Cite characteristics of OMB Circulars
  • List a requirement regarding privacy when performing a federal IT audit
  • Define a type of FISCAM control
  • Cite a current trend in information assurance in IT audits

Chapter 14

  • Identify rules and regulations pertaining to performance audits and their requirements
  • List an objective of assessing relative economy and efficiency of an entity’s operations
  • Define terminology found in the Yellow Book regarding audits
  • Cite guidance concerning the phases and requirements of a performance audit

Chapter 15

  • Name a simplified purchasing agreement used to fulfill an agencies repetitive service and supply needs
  • Define a formal request to the Treasury to make specific payments to contractors
  • Identify types of grants and the organization authorized to monitor said grants
  • State requirements or characteristics used to analyze grant activity

Chapter 16

  • Specify standards required by Yellow Book for attestation engagements and how they may differ from AICPA rules
  • Identify a type of statement found in an attestation report
  • Define characteristics of agreed-upon procedures

Course Specifics

Course ID
5146001
Revision Date
February 15, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

No Instructor Selected

Federal Government Auditing

Expert Instructors
Format
CPE CREDITS
22 Credits: Auditing (Governmental)

$440.00$480.00

Clear