Thank you so much GAO for that word ‘collectively!’ That means that each individual auditor doesn’t have to bring all of those bits of knowledge to the team. The quality reviewer and peer reviewer will assess whether someone on the team knows GAGAS, and someone knows the environment you are auditing in, and someone can cipher, and someone with the specialized skills that you need to get the job done. The word ‘collectively’ allows new professionals to become auditors. Now here is the paragraph that talks about the hours required:
3.76 Auditors performing work in accordance with GAGAS, including planning, directing, performing audit procedures, or reporting on an audit conducted in accordance with GAGAS, should maintain their professional competence through continuing professional education (CPE). Therefore, each auditor performing work in accordance with GAGAS should complete, every 2 years, at least 24 hours of CPE that directly relates to government auditing, the government environment, or the specific or unique environment in which the audited entity operates. Auditors who are involved in any amount of planning, directing, or reporting on GAGAS audits and auditors who are not involved in those activities but charge 20 percent or more of their time annually to GAGAS audits should also obtain at least an additional 56 hours of CPE (for a total of 80 hours of CPE in every 2-year period) that enhances the auditor’s professional proficiency to perform audits. Auditors required to take the total 80 hours of CPE should complete at least 20 hours of CPE in each year of the 2-year periods. Auditors hired or initially assigned to GAGAS audits after the beginning of an audit organization’s 2-year CPE period should complete a prorated number of CPE hours.
Let me point out the main points of this paragraph. Four roles on the audit: Plan, direct, perform, report. The first sentence distinguishes between four roles on an audit. This is important, because later in the paragraph, those who perform may be able to bypass the 56 hour requirement. 24 hours in three buckets: 1. government auditing, 2. government environment, 3. specific or unique environment. Anything on this site satisfies one of the first two buckets. But as much as I’d like you to stick around and buy something from me, I do need to point out that your 24 hours doesn’t have to be governmental. For instance, I audited a pension system’s investments – so that year, my 24 hours was earned in an investment class. 56 hours in auditing: The GAO wants auditors to be experts in auditing – not dabblers. So, in addition to the 24 hours, most auditors must also get 56 hours in topics that enhance their proficiency to conduct audit. Estate planning and personal taxation probably won’t qualify – although this is an admittedly wide category. Planners, directors, reporters are in for the full meal deal: 80 total hours (24 + 56) . If you even touch a yellow book audit in order to plan, direct, or report the engagement, you are in for the full 80hours. Performers could be exempt: Those auditors who spend a minimal amount of time performing (Iread that as fieldwork) governmental engagements are exempt from the 56 hours. What defines minimal? Less than 20% of their year spent on governmental engagements. That is an awful lot of CPE! I bet you still have questions. Maybe you want to know when the measurement period starts or what topics qualify for the 24 hours. Those more detailed questions are answered on the GAO’s website in a CPE Q&A document at http://www.gao.gov/govaud/ybcpe2005.pdf. And if that doesn’t answer your questions, please write to me at Leita@yellowbook-cpe.com or to the GAO’s question answering folks at yellowbook@gao.gov.
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Yellowbook-CPE.com is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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I’ve had a few months to digest the changes to the 2018 Yellow Book (Government Auditing Standards),and I’ve taught a few seminars and webinars about the changes. Most of the changes do not shock my audiences. But I am noticing that quite a few auditors are not familiar with the Green Book which was published by […]
However, they do tell us in words how it all works. The concepts and terms linking in the standards are too many to list, but here are a few that come to mind.
GAGAS 2021: 8.06 Auditors should design the methodology to obtain sufficient, appropriate evidence that provides a reasonable basis for findings and conclusions based on the audit objectives and to reduce audit risk to an acceptably low level.
Yellow Book CPE RequirementsThen you’re in the right place! I invite you to join me for one of my most popular classes, the Virtual Audit Bootcamp scheduled for June 3-7. In this series of five ½-day webinars for a total of 20 CPE hours, we explore each phase of conducting a government audit while learning how to comply with significant Yellow Book and IIA standards. And, there’s a bonus to help develop your interviewing skills! Earn 7 extra hours of CPE at your own pace with a complimentary self-study course, Interviewing Skills for Auditors. This class often sells out, so register today!
Always make sure the major parts of the audit fit together. The objective is satisfied, and the risks are addressed. The findings address the objective and the risks while supported by evidence… Linkage!
The GAO’s ethical guidelines for auditors remind us who we are and why we do what we do. And this is a very good thing, because it is easy to get balled up in the details of our day-to-day work and, forgetting the bigger picture of who we are and what we do, take the […]
Objectives: Identify the purpose of the GAO’s Green Book. Distinguish between components of internal control. Distinguish between management objectives Choose a finite subject matter on which to apply controls Identify the auditor’s responsibilities regarding application of the Green Book Most of the changes between the 2011 Yellow Book and the 2018 Yellow Book that we […]
Objectives: Assess whether an audit team has met the Yellow Book requirements regarding quality control and peer review At the most basic level, the quality control requirements are twofold. The Yellow Book requires that audit shops: have an internal quality control system, and undergo an external peer review that determines whether the audit shop’s quality […]
The GAO issued the 2018 version of Generally Accepted Government Auditing Standards Tuesday. Find the online version here: https://www.gao.gov/assets/700/693136.pdf. Find an audio summary of the changes to the standards here: https://www.gao.gov/multimedia/podcast/692926 I suggest you scan chapter 4 and specifically section 4.16 to make sure you are compliant with the CPE requirements. Also notice that the GAO has […]
Enjoy this excerpt from the self-study text: The Yellow Book Interpreted which qualifies for 15 hours of CPE. The GAO has a few things to say about a government auditor’s ethical responsibilities and, thus, added a large section on ethics to the 2007 revision of the Yellow Book. The same ethical principles appear in the 2017 […]
Want to accomplish more, but there never seems to be enough hours in a day? You’re definitely not alone if you ever feel like you’re falling behind on projects important to you. Yes, it’s sometimes difficult to relinquish “control,” but you could possibly create time by delegating an “opportunity” for someone else to learn a new skill!
The first step is to document what you currently do with your time – both professionally and personally. Write down all the tasks you perform in a day. Then, for each one, ask yourself these questions to help determine whether you should delegate certain tasks to someone else:
Why? If you keep doing the same things over and over again, you will get the same results over and over! If you want the time to do new things and make progress in your career, hand tasks over to make room for the new.
How? Explain what you expect them to learn and lay out specifics about requirements, deadlines and why you want it done. Provide tools, resources and examples. Also, remove (or at least identify) any obstacles. Once it’s done, follow up and provide specific feedback, then let them try it again!
When? When you’re out of time (and aren’t we all?) and need to devote energy to more important tasks. When you have the confidence to ask peers to take on additional tasks. When you can allow others to do it their way!
One of the most requested courses I present for on-site teams is How to Manage an Audit Project. In this live and customized 16+ hour Yellow Book CPE class, you learn how to keep a handle on project quality, scope and resources while communicating clearly with stakeholders. I also cover how to develop your staff, delegate technical tasks to team members and enhance your skills as a servant leader. Email me for more information.
The recently-published 2024 Yellow Book changed its audit quality control standards. Previously, an annual monitoring report was a requirement. Now, there’s an annual evaluation report with a conclusion regarding the strength of the quality management system. Check out this contrast for more clarity on the standard’s new expectations.
You can find our FAQ here, or drop us an email at support@yellowbook-cpe.com or use the safe-and-secure contact form on our Contact page, and let us know what you’re looking for. We’ll work with you to bring you the CPE you need, when you need it!
“Leita is an Excellent communicator and teacher! She relays the information clearly and well, in relatable, real-life fashion, throwing in a dash of her wonderful humor and laughter. She keeps the attention of the attendees every time I’ve attended her courses. The time flies by in each of Leita’s classes.
