Yellow Book Revisions: Safeguarding Independence, Determining Waste, and Documenting Compliance

This program has been cancelled

A live 110-minute CPE webinar with interactive Q&A


Wednesday, September 25, 2019 (in 5 days)

1:00pm-2:50pm EDT, 10:00am-11:50am PDT


This webinar will explain the new generally accepted government auditing standards (GAGAS) requirements, including non-attest services and their threat to independence, addressing waste, Yellow Book departures, and more. Governmental entities, entities receiving government grants, and practitioners advising these organizations need to understand the new requirements.

Description

With the implementation date at hand for performance audits beginning on or after July 1, 2019, and for other attestation services for financial statements ending on or after June 30, 2020, practitioners must grasp the changes and additions to the Yellow Book. GAGAS are the authority on preparing and presenting a quality audit.

The changes made are numerous, starting with the overall organization of the Yellow Book. Most practitioners find the new format easier to navigate. The Yellow Book defines the term "waste," and explains the auditor's responsibility to discover waste. Besides changes to the performance of the engagement itself, this Yellow Book updates CPE and peer review requirements.

The most concerning changes for many practitioners are the changes to independence. Ascertaining whether non-attest services provided to the client jeopardize an auditor's independence is critical. The new Yellow Book is clear that specific actions automatically impair independence; some activities pose no threat, while others may or may not threaten independence. Knowing how to make this determination and distinction, and likewise how to structure client engagements under the Yellow Book revisions, is a necessity for all governmental auditors and practitioners performing these types of audits.

Listen as our panel of experts explains the revisions to the Yellow Book, reviews tenets of the Yellow Book, and discusses best practices for implementing the recent changes.

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Outline

  1. Introduction: audits subject to Yellow Book
  2. Implementing the new Yellow Book
  3. Revisions
  4. What hasn't changed
  5. Other sources of authority
  6. Best practices

Benefits

The panel will review these and other essential issues:

  • Implementing the Yellow Book revisions
  • Addressing independence for non-attest services
  • Determining waste under the Yellow Book
  • Meeting CPE and peer review requirements
  • Unchanged but pertinent Yellow Book requirements

Faculty

Buchholz, Alexander
Alexander K. Buchholz

Partner
PKF O’Connor Davies

Mr. Buchholz is a Partner at PKF O’Connor Davies LLP with more than 15 years of experience in public accounting,...  |  Read More

Piszko, Mark
Mark J. Piszko

Partner
PKF O'Connor Davies

Mr. Piszko is a Partner of the Firm and has more than 30 years of experience in providing auditing and consulting...  |  Read More