Uniform Guidance basics + Yellow Book

Performing a single audit

Exploring various topics related to single audits will give you the knowledge you need to perform these engagements skillfully. You can learn about:

• Major program determination
• Pass-through entity responsibilities
• SEFA requirements
• The Compliance Supplement requirements
• The administrative requirements and cost principles found in the Uniform Guidance

Uniform Guidance compliance audit basics

Gaining an understanding of the Uniform Guidance basics will prepare you for compliance audit engagements. You can examine various topics, such as:

• Requirements overview
• Applying GAAS and the Yellow Book to compliance audits
• Entities that must undergo this type of engagement

Federal awards decoded

You can also learn the different types of federal awards, along with audit implications for a recipient or subrecipient. Federal award topics covered include:

• Becoming aware of the SEFA
• Major program determination

Testing and reporting responsibilities

You will acquire a fundamental understanding of your responsibilities related to testing and reporting by examining topics, such as:

• Testing internal control over compliance
• Testing compliance
• Writing an audit finding

Who Will Benefit

• Auditors performing single audit engagements
• Internal financial staff of governments
• Not-for-profit entity staff who interact with auditors

Key Topics

• Fundamentals of a compliance audit performed under the Uniform Guidance
• Identifying federal awards and major programs
• Pass-through entities and subrecipients
• Schedule of expenditure of federal awards (SEFA)
• Using the Compliance Supplement
• Uniform Guidance administrative requirements and cost principles
• Testing internal control over compliance
• Writing an audit finding
• Reporting requirements of a single audit

Learning Outcomes

• Identify what a single audit encompasses.
• Identify key auditee and auditor responsibilities in the compliance audit of federal awards.
• Identify the basic audit requirements in a Uniform Guidance compliance audit.
• Identify the responsibilities of a pass-through entity.
• Identify the auditor and auditee responsibilities related to the schedule of expenditures of federal awards (SEFA).
• Identify the auditor and auditee responsibilities related to internal control over compliance related to federal awards.
• Recognize key considerations when sampling in a Uniform Guidance compliance audit.
• Recognize the auditor’s reports required by the Uniform Guidance.

Complying with relevant standards

Understanding the concepts and standards of generally accepted government auditing standards (GAGAS) is an important aspect of performing Yellow Book audits.

By examining everything from GAGAS’s foundation and principles to professional competence and continuing professional education, you’ll increase your knowledge of requirements and standards.

You’ll cover various topics, including:

• Quality control and peer review
• Reporting standards for performance audits
• Ethics, independence and professional judgment
• Professional competence and continuing professional education
• Standards for financial audits, attestation engagements, reviews of financial statements and performance audits

Staying current with the most recent requirements

You’ll explore Yellow Book requirements and guidance based on Government Auditing Standards, 2024 Revision, as well as other technical updates.

The 2025 revision offers guidance related to:

• Shifting from a quality control to a quality management approach
• Risk-based process for quality management
• Engagement quality reviews of GAGAS engagements
• Key audit matters for financial audits

Implementing your new knowledge

Review questions and practice exercises help reinforce your learning and enhance your comprehension of the material.

Who Will Benefit

• Government auditors
• Public accountants

Key Topics

• Foundation and principles of generally accepted government auditing standards (GAGAS)
• Yellow Book compliance requirements
• Ethics, independence and professional judgment
• Competence and continuing professional education
• Quality control and peer review
• Standards for financial audits, attestation engagements and reviews of financial statements
• Fieldwork and reporting standards for performance audits

Learning Outcomes

• Recognize the types of auditors and audit organizations that may employ GAGAS to conduct their work.
• Identify and apply the requirements contained in Government Auditing Standards (generally accepted government auditing standards, GAGAS, or the Yellow Book).
• Recognize the fundamental ethical principles and the role of professional judgment in the government environment.
• Recognize requirements relating to competence and continuing professional education.
• Identify additional GAGAS requirements for conducting and reporting on financial audits.
• Identify the three types of attestation engagements found in generally accepted government auditing standards (GAGAS or the Yellow Book) and the additional GAGAS requirements beyond those of the AICPA for attestation engagements.
• Recall the overall approach for auditors to apply 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.