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Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

Auditing - Performing Audit Engagements and Assurance Services - Yellow Book Series (4 Hrs)

Auditors, particularly auditors conducting governmental audits, frequently have poor relationships with the entities they are auditing. In some ways, this is predictable because government auditors aren’t usually hired by the entity under audit. Instead, the auditor gets to choose who gets audited, and the auditee rarely appreciates being selected.

Wouldn’t it be great if the auditor could have friendly and productive conversations with the auditee starting with the entrance conference? When the auditor says the classic auditor line, “We’re here to help,” wouldn’t it be amazing to hear back from the auditee, “And we’re happy to have you”? That can happen if the auditor nurtures the auditor and auditee relationship. 

After applying the techniques for improving the auditor and auditee relationship covered in this short course, the auditee will be more apt to welcome you and courteously give you what you need to get your work done, making the whole audit experience much more enjoyable for everyone involved.

Improving the Auditor and Auditee Relationship (2 Hrs)
OMB Uniform Guidance Admin Rules (8 Hrs)

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

Governmental Auditing Standards - Yellow Book Series (12 Hrs)

In this course, two retired Federal Regional Inspectors General will discuss Audit Interviewing.  While the course is directed to government auditors, the information should also assist CPAs conducting Single Audits.

The governmental auditing course addresses why we conduct interviews, who we should interview, the types of interviews, conducting the interview, and dealing with difficult interviewees.  It also covers the difference between interviews and interrogations and some aspects of nonverbal communication, including body language.

Interviewing Techniques (Video) (2 Hrs)
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Suggested Courses

Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

Auditing - Performing Audit Engagements and Assurance Services - Yellow Book Series (4 Hrs)

Auditors, particularly auditors conducting governmental audits, frequently have poor relationships with the entities they are auditing. In some ways, this is predictable because government auditors aren’t usually hired by the entity under audit. Instead, the auditor gets to choose who gets audited, and the auditee rarely appreciates being selected.

Wouldn’t it be great if the auditor could have friendly and productive conversations with the auditee starting with the entrance conference? When the auditor says the classic auditor line, “We’re here to help,” wouldn’t it be amazing to hear back from the auditee, “And we’re happy to have you”? That can happen if the auditor nurtures the auditor and auditee relationship. 

After applying the techniques for improving the auditor and auditee relationship covered in this short course, the auditee will be more apt to welcome you and courteously give you what you need to get your work done, making the whole audit experience much more enjoyable for everyone involved.

Improving the Auditor and Auditee Relationship (2 Hrs)
OMB Uniform Guidance Admin Rules (8 Hrs)

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

Governmental Auditing Standards - Yellow Book Series (12 Hrs)

In this course, two retired Federal Regional Inspectors General will discuss Audit Interviewing.  While the course is directed to government auditors, the information should also assist CPAs conducting Single Audits.

The governmental auditing course addresses why we conduct interviews, who we should interview, the types of interviews, conducting the interview, and dealing with difficult interviewees.  It also covers the difference between interviews and interrogations and some aspects of nonverbal communication, including body language.

Interviewing Techniques (Video) (2 Hrs)
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Similar Courses

Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

Auditing - Performing Audit Engagements and Assurance Services - Yellow Book Series (4 Hrs)

Auditors, particularly auditors conducting governmental audits, frequently have poor relationships with the entities they are auditing. In some ways, this is predictable because government auditors aren’t usually hired by the entity under audit. Instead, the auditor gets to choose who gets audited, and the auditee rarely appreciates being selected.

Wouldn’t it be great if the auditor could have friendly and productive conversations with the auditee starting with the entrance conference? When the auditor says the classic auditor line, “We’re here to help,” wouldn’t it be amazing to hear back from the auditee, “And we’re happy to have you”? That can happen if the auditor nurtures the auditor and auditee relationship. 

After applying the techniques for improving the auditor and auditee relationship covered in this short course, the auditee will be more apt to welcome you and courteously give you what you need to get your work done, making the whole audit experience much more enjoyable for everyone involved.

Improving the Auditor and Auditee Relationship (2 Hrs)
OMB Uniform Guidance Admin Rules (8 Hrs)

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

Governmental Auditing Standards - Yellow Book Series (12 Hrs)

In this course, two retired Federal Regional Inspectors General will discuss Audit Interviewing.  While the course is directed to government auditors, the information should also assist CPAs conducting Single Audits.

The governmental auditing course addresses why we conduct interviews, who we should interview, the types of interviews, conducting the interview, and dealing with difficult interviewees.  It also covers the difference between interviews and interrogations and some aspects of nonverbal communication, including body language.

Interviewing Techniques (Video) (2 Hrs)
Suggested Courses

Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

Auditing - Performing Audit Engagements and Assurance Services - Yellow Book Series (4 Hrs)

Auditors, particularly auditors conducting governmental audits, frequently have poor relationships with the entities they are auditing. In some ways, this is predictable because government auditors aren’t usually hired by the entity under audit. Instead, the auditor gets to choose who gets audited, and the auditee rarely appreciates being selected.

Wouldn’t it be great if the auditor could have friendly and productive conversations with the auditee starting with the entrance conference? When the auditor says the classic auditor line, “We’re here to help,” wouldn’t it be amazing to hear back from the auditee, “And we’re happy to have you”? That can happen if the auditor nurtures the auditor and auditee relationship. 

After applying the techniques for improving the auditor and auditee relationship covered in this short course, the auditee will be more apt to welcome you and courteously give you what you need to get your work done, making the whole audit experience much more enjoyable for everyone involved.

Improving the Auditor and Auditee Relationship (2 Hrs)
OMB Uniform Guidance Admin Rules (8 Hrs)

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

Governmental Auditing Standards - Yellow Book Series (12 Hrs)

In this course, two retired Federal Regional Inspectors General will discuss Audit Interviewing.  While the course is directed to government auditors, the information should also assist CPAs conducting Single Audits.

The governmental auditing course addresses why we conduct interviews, who we should interview, the types of interviews, conducting the interview, and dealing with difficult interviewees.  It also covers the difference between interviews and interrogations and some aspects of nonverbal communication, including body language.

Interviewing Techniques (Video) (2 Hrs)
Course Details

Cost Principles under Federal Grants for Nonprofits and Government Agencies - Yellow Book Series (Course Id 2146)

Updated / QAS / Registry
  Add to Cart 
Author : Sefton Boyars, CPA (Ret.), CGFM (Ret.), Author
Course Length : Pages: 77 ||| Word Count: 37,535 ||| Review Questions: 34 ||| Final Exam Questions: 33
CPE Credits : 6.5
IRS Credits : 0
Price : $58.50
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 2146
Description :

Let Sefton and Bill, auditors with over 70 combined years of federal, state, and municipal audit experience, guide you through the dos and don’ts of spending federal grant dollars. Truth is stranger than fiction when it comes to the creative way that grantees use their grant resources. Auditors of federal programs use the cost principles as criteria to evaluate compliance with contract provisions. The cost principles apply to almost all federal grant programs and contain specific prohibitions against entertainment and some legal fees. The cost principles also advise grantees on how to document payroll expenditures.
Usage Rank : 28824
Release : 2023
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Audit: What It Means in Finance and Accounting, 3 Main Types
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 24-May-2024
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 2146
Keywords : Auditing (Governmental), Cost, Principles, Federal, Grants, Nonprofits, Government, Agencies, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After finishing the course, participants will be able to:
  • Differentiate between principles applicable to state and local governments and nonprofits
  • Define key government regulators and their related acronyms
  • Sequence the four layers of rules governing grants
  • Judge whether an item of cost is allowable per the cross-cutting principles
  • Detect which allowability principle has been violated
  • Distinguish between an indirect cost and a direct cost
  • Judge which professional service costs are allowable under a federal award
  • Distinguish between idle capacity and idle facilities and related allowable costs
  • Identify under which conditions morale costs, fines and penalties, insurance, interest, and membership costs are allowable costs
  • Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs

Chapter 1
2 CFR 200, Subpart E - General Principles & Basic Premises

  • Differentiate between principles applicable to state and local governments and nonprofits
  • Define key government regulators and their related acronyms
  • Sequence the four layers of rules governing grants

Chapter 2
Tests of Cost Allowability

  • Judge whether an item of cost is allowable per the cross-cutting principles
  • Detect which allowability principle has been violated

Chapter 3
Composition of Costs

  • Distinguish between an indirect cost and a direct cost

Chapter 4
Selected Items of Cost - Overview

  • Distinguish which costs are usually allowable and which are usually unallowable

Chapter 5
Compensation for Personal Services

  • Clarify which compensation charges are allowable under a federal award and what documentation is required

Chapter 6
Costs for Other Services

  • Judge which professional service costs are allowable under a federal award
  • Judge which legal costs are allowable under a federal award
  • Distinguish between lobbying costs and normal operating costs of a program
  • Determine how to treat services donated in support of a federal award

Chapter 7
Buildings & Equipment Costs

  • Determine how to recover building and equipment costs
  • Distinguish between idle capacity and idle facilities and related allowable costs
  • Identify which costs are allowable as rearrangement and alteration costs
  • Assess which rental costs are allowable

Chapter 8
Additional Selected Items of Cost

  • Identify when fines and penalties, insurance, interest, and membership costs are allowable costs
  • Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs
Course Contents :

Chapter 1:  2 CFR 200, Subpart E – General Principles & Basic Premises

1-1  Introduction to Federal Cost Principles

1-1-1  Is That Allowable?

1-1-2  Acronyms, Definitions, and Relationships

1-1-3  Four Layers of Regulations Applicable to Each Grant

1-1-3a  Layer 1: Cross-Cutting Administrative Rules

1-1-3b  Layer 2: Cross-Cutting Cost Principles

1-1-3c  Layer 3: Program Rules

1-1-3d  Layer 4: Individual Grant Terms and Conditions

1-2  Overview of General Principles & Basic Premises

1-3  Application of the General Principles

1-3-1  Complexities Involved with Indirect Costs

1-4  Basic Premises

1-4-1  Entity Type Determines Rules

Chapter 1 Summary

Study Questions for Chapter 1

Chapter 2:  Tests of Cost Allowability

2-1  Reasonable and Necessary

2-1-1  The Prudent Person Rule

2-1-2  Factors Used to Determine Reasonableness

2-1-3  Context Matters

2-2  Allocability

2-2-1  Indirect Cost Allocation

2-2-2  Advance Agreements

2-3  Consistent Treatment

2-3-1 Like Costs in Like Circumstances

2-4  Net of Applicable Credits

2-5  Compliance with GAAP

2-6  Conform to the Law

2-7  Conform to Any Limitations

2-8  Claimed Only Once

2-9  Adequate Documentation

Chapter 2 Summary

Study Questions for Chapter 2

Chapter 3:  Composition of Costs

3-1  Direct Costs

3-2  Indirect Costs

3-2-1  Indirect Cost Allocation Plans

3-2-2  Charges from Internal Service Funds

Chapter 3 Summary

Study Questions for Chapter 3

Chapter 4:  Selected Items of Cost - Overview

4-1  General Provisions for Selected Items of Cost

4-1-1  Change in Terminology

4-1-2  Consider Context

4-2  Unallowable Costs

4-3  State and Local Governments’ General Governmental Costs are Unallowable

Chapter 4 Summary

Study Questions for Chapter 4

Chapter 5:  Compensation for Personal Services

5-1  General Allowability of Compensation for Personal Services

5-2  Fringe Benefits

5-3  Pension Plan Costs

5-4  Severance Pay

5-5  Support for Salaries

5-5-1  Support Requirements

5-5-2  Compensation as Cost Sharing

5-5-3  Additional Rules for Nonprofits

Chapter 5 Summary

Study Questions for Chapter 5

Chapter 6:  Costs for Other Services

6-1  Professional Services Costs

6-2  Legal Defense Costs

6-2-1  Definitions Used for Legal Defense Costs

6-2-2  Permissible Legal Defense Costs

6-2-3  Unallowable Legal Costs

6-3  Lobbying Expenses

6-3-1  Lobbying Costs  (Governmental Grantees)

6-3-2 Lobbying Costs (Non-Governmental Grantees)

6-3-2a  Unallowable Lobbying Costs

6-3-2b  Permissible Lobbying Costs

6-4  Donated Services

6-5  Donated Property

Chapter 6 Summary

Study Questions for Chapter 6

Chapter 7:  Buildings & Equipment Costs

7-1  Depreciation

7-1-1  Computation of Depreciation

7-1-2  Depreciation Methodology

7-1-3  Support for Depreciation

7-2  Idle Facilities and Idle Capacity

7-2-1  Definitions

7-2-2  Idle Facilities

7-2-3  Idle Capacity

7-3  Rearrangement and Alteration Costs

7-4  Rental Costs

7-4-1  Sale and Leaseback Arrangements

7-4-2  Less-than-Arm’s-Length Leases

7-4-3  Capital Leases

Chapter 7 Summary

Study Questions for Chapter 7

Chapter 8:  Additional Selected Items of Cost

8-1  Fines and Penalties

8-2  Insurance Costs

8-2-1 Insurance Costs in Connection with General Conduct of Activities

8-2-2 Reserve Funds under a Self-Insurance Program

8-2-3 Other Insurance and Indemnification Costs

8-2-4  Insurance Costs Applicable to Trustees and Employees

8-3  Interest under 2 CFR 200

8-3-1  Interest – Conditions for All Non-federal Entities

8-3-2  Interest – Additional Conditions for Governments

8-3-3  Interest – Additional Conditions for Nonprofits

8-4 Costs of Memberships

8-5  Pre-Award Costs

8-6 Taxes

8-7  Travel

Chapter 8 Summary

Study Questions for Chapter 8

Concluding Remarks

Appendix: Useful Websites

Glossary
Click to go to: Yellow Book Auditing CPE Requirements and Courses for CPAs
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