|
|
Are you a California CNA?
This comprehensive course offers an in-depth exploration of the revised 2024 Generally Accepted Government Auditing Standards (GAGAS) issued by the Government Accountability Office (GAO). Participants will gain detailed guidance and practical instruction on the updated standards, which serve as the cornerstone for government auditors committed to excellence. The course emphasizes key principles of independence, transparency, accountability, and quality, equipping auditors with the knowledge and skills to uphold these values throughout the audit process. Attendees will learn how to apply these standards effectively, ensuring their work exemplifies the highest standards of professional conduct and audit integrity.
Course Publication Date: July 29, 2024
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $140.00!
| Author: | Frank Castillo CPA |
| Course No: | GAUD-2024YB-10244 |
| Recommended CPE: | 14.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Auditing (Governmental)
|
|
|
|
Learning Objectives
- Describe the types of auditors and audit organizations that may employ GAGAS to conduct their work.
- Identify the types of engagements that may be conducted in accordance with GAGAS.
- Explain the terminology that is commonly used in GAGAS.
- Demonstrate how auditors conducting GAGAS engagements identify and apply the requirements contained in GAGAS.
- Explain the requirements for using other audit standards in conjunction with GAGAS and for reporting compliance with GAGAS in the audit report.
- Outline the fundamental ethical principles for auditors in the government environment.
- Explain the independence standards and guidance for auditors conducting various types of audits under GAGAS, emphasizing the importance of auditor and audit organization independence.
- Apply the standard for the auditor’s use of professional judgment and related application guidance in conjunction with all other applicable GAGAS requirements.
- Demonstrate knowledge of the specific GAGAS requirements and the ability to proficiently apply that knowledge on GAGAS engagements.
- Recall the required Continuing Professional Education (CPE) that contribute to auditors’ competence.
- Recall how to design and implement a system of quality management for engagements conducted in accordance with GAGAS.
- Identify how to conduct engagement quality reviews as a response to quality risks relating to quality management, following the provided requirements and application guidance.
- Recall how to administer, plan, perform, and report on peer reviews of audit organizations that conduct engagements in accordance with GAGAS, ensuring compliance with all other applicable GAGAS requirements.
- Outline the requirements and guidance for conducting and reporting on financial audits in accordance with GAGAS.
- Recall how to incorporate the American Institute of Certified Public Accountants’ (AICPA) Statements on Auditing Standards (SAS) into financial audits as referenced by GAGAS.
- Recognize the use and application of the AICPA Code of Professional Conduct for CPAs conducting financial audits under GAGAS, when applicable.
- Describe the requirements and guidance for conducting and reporting on attestation engagements and reviews of financial statements in accordance with GAGAS.
- Integrate the AICPA’s Statements on Standards for Attestation Engagements (SSAE) and AR-C section 90, Review of Financial Statements, into attestation engagements and reviews of financial statements as referenced by GAGAS.
- Explain the importance of establishing a clear understanding with the audited entity regarding the services to be performed for each attestation engagement or review of financial statements to reduce the risk of misinterpretation of needs or expectations by either party.
- Communicate information about the services to be performed to contracting parties or those requesting the engagement to avoid misunderstandings regarding the nature of the engagement and to ensure the appropriate level of assurance is provided.
- Describe the fieldwork requirements and guidance for performance audits conducted in accordance with GAGAS.
- Apply the comprehensive approach established by fieldwork requirements in planning and performing an audit to obtain sufficient, appropriate evidence that provides a reasonable basis for findings and conclusions based on the audit objectives.
- Integrate the fieldwork requirements with the guidance provided in chapters 1 through 5 and chapter 9 for performance audits conducted under GAGAS.
- Explain the framework created by the concepts of evidence, significance, and audit risk for planning the audit, conducting the engagement, supervising staff, obtaining sufficient and appropriate evidence, and preparing audit documentation.
- Explain the reporting requirements and guidance for performance audits conducted in accordance with GAGAS, including the requirements in chapters 1 through 5 and chapter 8.
- Describe the elements that must be included in a performance audit report, such as objectives, scope, methodology, findings, conclusions, and recommendations.
- Identify the procedures for obtaining and incorporating the views of responsible officials and distributing the report to relevant stakeholders.
- Demonstrate how to handle and report confidential or sensitive information appropriately and address situations where insufficient evidence is discovered after the report has been released.
|
|
|