
QAS Self-Study

Basic

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 April 27, 2021 |
Prerequisites There are no prerequisites. |
Advanced Preparation None |
Compliance information
Course Instructor
Federal Government Auditing

CPE CREDITS
22 Credits: Auditing (Governmental)
$440.00 – $480.00

QAS Self-Study

Basic

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 April 27, 2021 |
Prerequisites There are no prerequisites. |
Advanced Preparation None |
Compliance information
Course Instructor
Federal Government Auditing

CPE CREDITS
22 Credits: Auditing (Governmental)
$440.00 – $480.00