Скачать с ютуб Government Auditing Standards - Yellow Book Course | Governmental Accounting | CPA Exam FAR в хорошем качестве

Government Auditing Standards - Yellow Book Course | Governmental Accounting | CPA Exam FAR

Are you a CPA candidate or accounting student? Check my website for additional resources such PPT slides, notes, practice multiple choices, exercises and T/F questions. 🚀https://farhatlectures.com/ Connect with me on LinkedIn: ✔  / professorfarhat   💥Facebook: @accountinglectures Instagram Account: @farhatlectures Twitter: @farhatlectures Email: [email protected] #cpaexam #governmentalaccounting #accountingstudent Like us on Facebook:   / accountinglectures   Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In:   / mansour-farhat-cpa-cia-cfe-macc-2453423a   In the area of government and not‐for‐profit auditing the influence of the federal government has been paramount. It has had its impact mainly through the GAO’s Yellow Book, Government Auditing Standards (Standards for Audit of Governmental Organizations, Programs, Activities, and Functions), and through the Single Audit Act. The Yellow Book establishes (GAGAS), which, owing to the Single Audit Act, must now be adhered to in virtually all audits of both governments and not‐for‐profit organizations that receive federal financial assistance. Although the standards cover both financial statement audits and performance audits, the Single Audit Act requires only financial audits. The primary difference between financial audits as carried out in a government or not‐for‐profit entity, as opposed to a business, is the greater influence placed upon ensuring compliance with laws, regulations, and contractual requirements. The GAO standards, for example, require that audit reports include an explicit description of compliance tests and an indication of compliance violations. Legislative actions, now codified in the Single Audit Act, direct that recipients of federal aid be subject to a single independent financial audit even though they may receive funds from many agencies. Single audits comprise two elements: an audit of financial statements, conducted in accord with Government Auditing Standards, and an audit of federal financial awards that follows the provisions of OMB Circular A‐133. The Single Audit Act requires that in their audits of federal financial awards, the auditors take a risk‐ based approach by which they devote their audit effort mainly to major, as opposed to nonmajor, programs. Major programs are those that make up a relatively large proportion of the total federal awards received by the entity and for which there is a high risk of noncompliance. Moreover, in planning their engagement the auditors must take into account the various audit risks that they face (i.e., inherent risk, control risk, fraud risk, and detection risk).