Aicpa governmental and notforprofit training program. Auditors performing work under gagas, including planning, directing, performing field work, or reporting on an audit or attestation engagement under gagas, should maintain their professional competence through continuing professional education cpe. Government accountability office gao today issued a new revision of generally accepted government auditing standards, also known as the yellow book. Remember though, that the cpe hours you earn in 2019 count not only toward your 2019 reporting requirement, but also contribute to the following three reporting periods. Cpe in their area of specialization does count to the 24hour requirement. Governmental auditing, these learning resources are designed to help cpas understand the knowledge and skills necessary to perform highquality single audits, yellow book audits, and audits of state and local government financial statements. The exposure draft includes proposed updates from continuing professional. Yellow book standards for performance auditors cpe 1120. Yellow book revision process ed was issued for public comment in april 2017 gao received over 1,700 individual comments final standards issued in july 2018 consultation with advisory council on government auditing standards both at ed stage and in developing final standards 7 accessing the 2018 yellow book the 2018 yellow book can be accessed on the gao.
Update on the developments in government auditing standards. The 2018 yellow book s internal control requirements for performance auditors. Updating government auditing standards the 2017 yellow. Identify the additional requirements for performing a financial audit under gagas. Gagas revision process exposure draft issued for public comment on april 5, 2017. Identify the additional requirements for performing a financial statement audit under government auditing standards. Cpe stands for continuing professional education, by the way. This short course focuses on the requirements of the yellow book that challenge government performance auditors including the cpe, independence, and reporting requirements. Yellow book financial audits maryland association of.
Gao invites comments on the proposed changes to government auditing standards, commonly known as the yellow book. 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. Gao updates yellow book, the preeminent standards for government auditing. What are the requirements for yellow book continuing professional education cpe. Yellow book credits if an auditor is interested in yellow book credit, professional judgment must be used when determining and documenting if these sessions qualify for yellow book cpe in accordance with the government accountability office, government auditing standards, december 2011 revision, and guidance on gagas requirements for continuing. Updating government auditing standards the 2017 yellow book. Government accounting office gao with an array of accounting cpe selfstudy courses that cover the topic from every angle. Each auditor performing work under gagas should complete every two years at least 80 hours of cpe that directly enhance the auditors professional proficiency to perform audits andor attestation engagements. Yellow book selfstudy cpe yellow book cpe yellow book. For more information on yellow book requirements, please go to gao.
Determining which courses qualify for the yellow book 24hour requirement are made on an auditorspecific basis based on the auditors yellow book clients. Last revised in 2011, the yellow book is designed to. In pennsylvania, you need 80 credit hours every two years, with a minimum of 20 credit hours each year. Below we will address 1 who is subject to the yellow book cpe requirements and 2 what cpe classes satisfy those requirements. Government auditing standards yellow book practice aids.
This session of the yellow book that challenge performance auditors including the cpe, quality control, independence, and reporting requirements. When planning your cpe activities, it is tempting to focus only on the current years coursework. The 2017 exposure draft is a modernized version of government auditing standards that takes into account developments in the auditing, accountability, and financial management professions. Aug 18, 2017 recall the concepts and guidance found in the yellow book.
Therefore, each auditor performing work under gagas should. Guidance for cpe requirements 11 cpe hours subject matter categories of cpe 24 hours standards, statutory requirements, regulations, criteria, and guidance applicable to auditing or the objectives for the gagas engagements being conducted includes the 4 hours of gagas topics for gagas qualification when applicable. We invite your comments on the proposed changes, which reflect developments in the accounting and auditing profession. Identify the three subjects of a single audit compare the requirements of the aicpa, the gao, and uniform administrative requirements, cost principles, and audit requirements for federal awards define significant requirements of the yellow book order the levels of materiality on a single audit chapter 1 single audits are different. For more information regarding the cpe reciprocity exemption please contact the. Yellow book cpe courses from surgent keep you up to date on the latest developments from the u. In the exposure draft, the gao had proposed adding a reporting requirement of waste in addition to abuse. The exposure draft includes proposed updates from continuing professional education cpe requirements to fieldwork and reporting. Attendees may request yellow book credits for this conference.
The exposure draft adds guidance on the topics that qualify as yellow book cpe but qualifying cpe is still a matter of auditor judgement. If there is less than 1 cpe hour of presentation, then no cpe is granted for the activity. The 80hour rule every two years the 24hour rule every two years then you must answer. Gao releases proposed changes to yellow book auditing. Hartfanta is the author of the yellow book interpreted and implementing the new risk assessment sass selfstudy manuals for cpas.
She includes among her clients the aicpa, the colorado society of cpas, the texas state auditors office and the national association of. These requirements are outlined in the gaos guidance on gagas requirements for continuing professional education. Limits for other personal development activities are not specifically addressed in the gaos guidance on. And the requirements are a little bit involved so involved that the gao dedicated 17 pages. Yellow book standards for performance auditors cpe 11. Course online, course textbook yellow book requirements foundational. Interpreting the yellow book arizona society of cpas.
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. New jersey society of certified public accountants. Each auditor performing work in accordance with gagas should complete, every 2 years, at least 24 hours of cpe that directly relates to government. In this course, we will cover the audit requirements that exceed aicpa standards in the gao s yellow b. Today we issued an exposure draft containing proposed updates to generally accepted government auditing standards, also known as the yellow book. In an environment of accelerating change and increasingly complex audit and attestation work, cpe is an integral part of the lifelong learning that is necessary for auditors to maintain their professional competence. Jan 21, 2019 however, if an internal specialist performs engagement procedures on a yellow book client, they are subject to gagas cpe requirements.
She includes among her clients the aicpa, the colorado society of cpas, the texas state auditors office and the national association of state auditors, comptrollers and treasurers. Yellow book update cpe guidance for 24hour and 56hour requirements continued 15 cpe hours subject matter categories of cpe 24 hours standards, statutory requirements, regulations, criteria, and guidance applicable to auditing or the objectives for the gagas engagements being conducted includes the 4 hours of gagas topics for. Surgents yellow book cpe package lets you fulfill your 24hour yellow book requirement for one low price. Thats why continuing professional education cpe is a requirement for keeping your license active. Qualifies for yellow book cpe credit the gaos yellow book standards set a high bar for auditors of government programs. Yellow book financial audits maryland association of cpas. Continuing professional education cpe programs general personal development, such as resume writing, improving parentchild relations, personal investments and money management, and retirement planning do not qualify for yellow book cpe. Through a case studyintense, highly interactive, classroom environment, this cpe course provides you with the tools necessary to go beyond the theory and create valueadded services for. Government auditing standards yellow book practice aids and. In april 2017, the government accountability office gao released an exposure draft to update the government auditing standards yellow book.
Session objective provide an update on proposed revisions in the 2017 yellow book exposure draft 2. The yellow book is the book of standards and guidance for auditors and audit organizations, outlining the. There is no formal preapproval process for the mncpa or any other sponsor to qualify a course for yellow book credit. An excellent baseline of information for accountants planning or conducting engagements in accordance with generally accepted government auditing standards yellow.
Through a case studyintense, highly interactive, classroom environment, this cpe course provides you with the tools necessary to go beyond the theory and create valueadded services for your clients. Compliance audit update 2017 unc school of government. One yellow book hour 50 minutes equivalent to a cpe hour. Similar to the 2011 yellow book, cpe requirements are. Effective august 1, 2019 a new continuing professional education cpe exemption is available for oab registrants who reside in, and are registered as a cpapa in another state, do not serve oklahoma clients, and can demonstrate their compliance with the registrants resident state cpe requirements. The 2018 yellow books internal control requirements for performance auditors. One of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements. Recognize the additional gagas reporting requirements for financial audits. Those who were following the yellow book exposure draft should be aware that the proposed requirement to take four hours of gasspecific cpe was not included in the finalized 2018 yellow book.
Auditors performing work under the gaos government auditing standards are required to complete, every two years, 24 hours of cpe in subjects directly related to government auditing, the government environment, or the specific or. Directors john damico, robert lyons and fran mckenna will present several sessions at the new jersey society of certified public accountants njcpa nonprofit conference on december 7. 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 compliance manager includes cpe tracking and compliance monitoring for every state including puerto rico for cpas, cmas, eas, rtrps, cfps, crtps, cfes, as well as aicpa, and pcaob members. Yellow book exposure draft 2017 james dalkin faec meeting september 2017. Mandatory cpe requirements new jersey society of cpas. Resources include the most uptodate information on the uniform guidance and recent gasb. Description learn the yellow book requirements for financial statement audits, attestation engagements, and performance audits. Apr 05, 2017 the 2017 yellow book exposure draft is available on our yellow book webpage.
Gao releases proposed changes to yellow book auditing standards. The gaos yellow book standards set a high bar for auditors of government programs. The draft is open for consideration of all public comment. The yellow book is used by auditors of government entities, entities that receive government awards, and other audit organizations performing yellow book audits. Gao government auditing standards 2017 exposure draft. Yellow book cpe requirements a summary cpa hall talk. You need 80 hours of classes enhancing your professional proficiency and 24 hour related to the specialized areas of your clients. Resources include the most uptodate information on the uniform guidance and recent. Auditors must use professional judgment when determining and documenting if these sessions qualify for yellow book cpe in accordance with the government accountability office, government auditing standards, december 2011 revision, and guidance on gagas requirements for continuing.
Our free compliance manager makes it easy to actively monitor your cpe deadlines and mandatory subject requirements so you dont have to. Yellow book continuing education requirements are governed by the u. Do you need to enhance your notforprofit accounting skills. We encourage all interested parties to comment on the draft.
Recall the concepts and guidance found in the yellow book. This short course focuses on the requirements of the yellow book that challenge audit teams including the cpe, independence, and reporting requirements. Added a requirement for waste, which the yellow book now defines cpe requirements now included, but the required hours stay the same. The 2018 yellow book can be accessed on the gao yellow book web page. It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. The gaos yellow book standards set a high bar for government performance auditors. To simplify administration of the cpe requirements, an audit organization may establish a standard twoyear period for all its auditors, which can be on either a fixedyear or rollingyear basis. Surgents selfstudy yellow book package cpe for cpas. California board of accountancy a licensee shall be required, as a condition of active status license renewal, to.
Licensees who do not work andor volunteer in positions that require a substantial use of accounting, financial, tax or other skills deemed relevant by the vboa may apply for the inactive status. Yellow book cpe requirements a recap of the special cpe rules. On behalf of more than 190,000 global members of the institute of internal auditors iia, including nearly 12,000 federal, state, and local government auditors in the united states, thank you for the opportunity to comment in support of the 2017 updates to the generally accepted. Fulfill your 24hour yellow book requirement for one low price with surgents selfstudy yellow book package. Recognize the additional reporting requirements for financial audits. Led by national industry experts, this oneday conference is sure. However, if an internal specialist performs engagement procedures on a yellow book client, they are subject to gagas cpe requirements. New jersey society of certified public accountants nonprofit conference dec 7, 2017 pines manor 2085 state highway 27 edison, nj 08817. Credits granted for pes courses are based on the aicpa and nasba national association of state boards of accountancy statement of standards which grant 1 cpe credit for every 50minutes of study time.