The Yellow Book Explained

4 Credits: Auditing


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The Yellow Book Explained

Course Level
CPE Credits

4 Credits: Auditing

Course Description

The 2018 Yellow Book (which is the most recent update) contains the latest version of generally accepted government auditing standards (GAGAS). The contents of the Yellow Book may seem incomprehensible for someone not familiar with government auditing. In the Yellow Book Explained course, we convert every aspect of the standards into plain English, so you can better understand how to apply them to an audit. The course covers all aspects of GAGAS, including auditor independence, quality control, fieldwork standards, and reporting standards. This course is useful for both internal and external auditors who work with government entities.

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Learning Objectives

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

  • Identify the source of the Yellow Book.
  • Specify how generally accepted government auditing standards (GAGAS) treat the concepts of “must” and “should.”
  • Describe how to enforce a high level of ethical standards.
  • Identify the composition of the independence concept.
  • Specify how the independence of an auditor can be impacted in a GAGAS audit.
  • Identify the activities associated with the exercise of professional skepticism.
  • Recall who is responsible for the continuing education requirements of an auditor.
  • Specify the continuing professional education requirements for a GAGAS auditor.
  • Describe the components of an audit organization’s quality control system, and how the process works.
  • Specify how audit work is supposed to be supervised.
  • Specify the reporting requirements associated with an audit of financial statements.
  • Recall which standards are incorporated by reference into GAGAS.
  • Recall the service levels at which an attestation engagement can be delivered.
  • Specify how audit risk can be reduced.
  • Identify the indicators of an increased risk of fraud.
  • Recall the circumstances under which noncompliance issues must be reported to third parties.
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Course Specifics

Course ID
Revision Date
March 13, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …