Course Information

Generally accepted government auditing standards (GAGAS) provide a framework for conducting high quality audits with competence, integrity, objectivity, and independence. GAGAS contains standards for audits and requirements and guidance dealing with ethics, independence, auditors’ professional judgment and competence, quality control, performance of the audit, and reporting.

The Governmental Auditing series of courses are separated into three categories:

Course One Fundamental Principles for Government Auditing
Course Two Performance Audits
Course Three Financial Audits, Attestation Engagements, and Reviews of Financial Statements

Auditors must follow both the respective AICPA standards and the additional GAGAS requirements in performing a Yellow Book financial audit, attestation engagement, or review of financial statements. By adhering to these standards, they can provide information used for oversight, accountability, transparency, and improvements of government programs and operations.

This course (Course Three) focuses on the additional GAGAS requirements for conducting and reporting financial audits, attestation engagements, and reviews of financial statements. It also contains the AICPA key principles to provide a basis for good financial audit practices, as well as guidance for attestation engagements and reviews of financial statements, and includes various examples to illustrate the application. Upon completion of this course, you will be able to enhance the capability and skill level by incorporating your AICPA knowledge for financial audits, attestation engagements, and reviews of financial statements with the additional GAGAS requirements.

Learning Objectives

• Identify GAGAS general requirements and how to apply to different engagements
• Identify threats to independence
• Identify the elements of an audit finding
• Identify the auditor’s responsibility for reporting control deficiencies and instances of fraud
• Recognize the additional GAGAS requirements for financial audits and attestation engagements
• Identify characteristics of auditor reports for attestation engagements