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