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Mastering Yellow Book and Single Audit Workpaper Documentation: Preparing High-Quality GAGAS Working Papers

Recording of a 110-minute CPE webinar with Q&A

Conducted on Tuesday, November 10, 2015

Recorded event now available

or call 1-800-926-7926

Presentation

This webinar will provide audit professionals with a thorough and solid foundation to prepare GAGAS Yellow Book-compliant audit workpapers for Single Audits under OMB Circular A-133 and successor guidance. The panel will discuss best practices for documenting the contents, sequence and format of audit documentation for engagements involving Federal Funds recipients, and other GAGAS audits. This is a hands-on, highly practical guide to efficiently preparing high-quality Yellow Book audit workpapers.

Description

Workpapers are crucial to accurately and timely completing an audit. In addition to wasting billable time, poorly prepared workpapers can lead to errors in the audit report. This is particularly true for audits performed under GAGAS, or GAO “Yellow Book,” requirements.

While GAGAS lists certain general requirements of Yellow Book documentation, the standards do not offer guidance on the form, sequence or internal referencing of workpapers. The standards require only that the workpapers be clear to an “experienced auditor.” However, proper and standardized preparation of working papers makes review of documentation more efficient for the audit reviewer.

While workpaper methodologies vary among firms, and among audit managers, there are key components to high-quality workpapers, such as legibility, proper referencing, accurate and verified calculations, and a sufficiently-detailed checklist to facilitate accuracy while reducing review time.

Listen as our panel of experienced audit professionals provides best practices for efficiently creating high-quality Yellow Book-compliant workpapers.