Allison J. Harrell, CPA, is a shareholder with Thomas Howell Ferguson where she provides assurance services to governmental, not-for-profit, and for-profit entities. She handles financial statement audits, compliance audits, internal control studies, agreed upon procedures and financial reviews. In addition, her responsibilities as an auditor consist of planning, fieldwork, and report preparation in the areas of financial and compliance audits. Harrrell has experience with OMB Circular A-133 and GASB Statement No. 34 as well as operational audits of state agencies and certain local governments while employed with the State of Florida Auditor General.

Jeff Barbacci, CPA, is a shareholder with Thomas Howell Ferguson where he provides accounting services to a variety of clients. He has dedicated the majority of his career to specializing in government and not-for-profit consulting and auditing. He has developed an excellent understanding of compliance and regulatory issues, fraud prevention, board and audit committee responsibilities, and cost allocation methodologies specific to these industries. Additionally, Barbacci has significant experience evaluating internal controls of not-for-profit, government, and quasi-government organizations.

Overview Overview-1

Generally Accepted Government Auditing Standards (Yellow Book) Overview-1

Rationale for GAGAS Overview-2

Brief History of the GAS  Overview-3

Acquiring the Government Auditing Standards Publication  Overview-5

Advisory Council on GAGAS Overview-6

Chapter 1 Government Auditing: Foundation and Ethical Principles 1-1

Purpose and Applicability of GAGAS 1-3

Auditors, Audit Organizations, and Audits  1-4

Ethical Principles 1-5

Chapter 2 Standards for Use and Application of GAGAS 2-1

Types of GAGAS Audits and Attestation Engagements 2-2

Use of Terminology to Define GAGAS Requirements  2-10

Relationship between GAGAS and Other Professional Requirements 2-11

Stating Compliance with GAGAS in the Auditors’ Report 2-12

Other Important Concepts 2-13

Chapter 3 General Standards 3-1

Independence 3-2

Professional Judgment  3-18

Competence 3-20

Quality Control and Assurance  3-23

Chapter 4 Standards for Financial Audits 4-1

Additional GAGAS Requirements for Performing Financial Audits  4-2

Additional GAGAS Reporting Requirements for Financial Audits  4-6

Additional GAGAS Considerations for Financial Audits  4-13

Practice Exercises  4-15

Chapter 5 Standards for Attestation Engagements 5-1

Examination Engagements 5-3

Review Engagements 5-13

Agreed-Upon Procedures Engagements 5-16

Chapter 6 Fieldwork Standards for Performance Audits  6-1

Important Concepts Related to Performance Audits 6-2

Fieldwork Requirements for Performance Audits  6-4

Chapter 7 Reporting Standards for Performance Audits 7-1

Reporting 7-2

Report Contents 7-3

Distributing Reports  7-10

Chapter 8 Compliance Audits Under the Uniform Guidance 8-1

Glossary

Index

Solutions

Chapter 1  Solutions 1

Chapter 2  Solutions 1

Chapter 3  Solutions 2

Chapter 4  Solutions 4

Chapter 5  Solutions 7

Chapter 6  Solutions 8

Chapter 7  Solutions 9

Chapter 8 Solutions 10

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