The boards of directors for the national association of state boards of accountancy nasba and the aicpa have created and maintained a statement on standards for continuing professional education programs, which serves as a framework for the presentation, development, reporting, and measurements of cpe. Limits for other personal development activities are not specifically addressed in the gaos guidance on. Cpas familiar with the 2011 version of the yellow book will notice a stark contrast in the format of the 2018 version. Identify the requirements to perform a hud compliance audit and property test controls over hud. Gagas conceptual framework for independence pdf copy. Discuss documentation and reporting requirements in association with the entitys reac filing and the application of the new ssae requirements regarding agreedupon procedures. Auditors performing work under gagas, including those planning, directing or performing field work, or those reporting on an audit or attestation engagement. Lindal provides continuing professional education in various areas, including single audits and yellow book audits. Click on the jurisdiction name below to see a summary of requirements.
Why are my auditors doing a yellow book and single audit. The 2018 yellow book goes into effect for financial audits, attestation. We will also discuss documentation and reporting requirements in association with the entitys reac filing and deficiencies commonly found in hud audits. The yellow book is used by auditors of government entities, entities that receive government awards, and other audit organizations performing yellow book audits. Companion to ppcs guide to checkpoint learning cpe. Provides detailed descriptions of all available courses by topic area. The 2018 yellow book generally carries forward the cpe requirements from the 2011 yellow book. Governmental auditing, these learning resources are designed to help cpas understand the knowledge and skills necessary to perform highquality single audits, yellow book audits, and audits of state and local government financial statements. In this case, pension system investments was my unique environment. Apr 01, 2005 this document provides guidance to auditors and audit organizations in implementing the continuing professional education requirements prescribed by the 2003 revision of government auditing standards. Cpe requirements all jurisdictions accept courses from registry sponsors to a certain extent.
Complaints regarding registered sponsors may be addressed to the national registry of cpe sponsors, 150 fourth avenue north, suite 700, nashville, tn, 372192417. Government accountability office gao also referred to as the yellow book or gagas. Yellow book cpe requirements a summary cpa hall talk. Both chapters 1 and 2 apply to all audits covered by this. One yellow book hour 50 minutes equivalent to a cpe hour. Auditors performing work under gagas, including planning. Aicpa mycpe manager is the newest tool to help you manage your continuing education requirements track, organize and plan your cpe whether you report on one jurisdiction or several. Surgents selfstudy yellow book package cpe for cpas. Cpe stands for continuing professional education, by the way. You will also assess and evaluate the latest changes in the federallyassisted housing industry and efficiently plan, perform, and report a hud assisted engagement.
For example, hud requires programspecific audits of forprofit participants e. It also includes other matters the auditor should consider in preparing for the audit. Maybe you are auditing hud projects, school districts, or municipal utilities. The purpose and applicability of the yellow book a. Nov 29, 2018 the 2018 yellow book generally carries forward the cpe requirements from the 2011 yellow book. The compliance manager includes cpe tracking and compliance monitoring for every state including puerto rico for cpas, cmas, eas, rtrps, cfps, crtps, cfes, as well as aicpa, and pcaob members. Cpa continuing professional education requirements cpa. Download our learning brochure 20 pages which highlights the benefits of investing in aicpa learning and our key solutions. Consolidated audit guide for audits of hud programs office of.
And the requirements are a little bit involved so involved that the gao dedicated 17 pages. Find out more about the cpe requirements under generally accepted government auditing standards gagas, also known as yellow book for professionals who perform audits or attestation. Standards, often referred to as the yellow book or generally. The 2018 yellow books internal control requirements for performance auditors. Second, a compliance audit should be conducted in accordance with this audit guide of the entitys compliance with applicable laws and regulations that could have a direct and material effect on a major hudassisted program. This course is designed to assist auditors in meeting the. While the yellow book has been around since 1972, it was the 1988 revision. Yellow book cpe requirements are outlined by the government accountability office gao, specifically in the gaos guidance on gagas requirements for continuing professional education.
In this practical cpe course, learn how to discern the various audit requirements for hud programs and how to comply with specific hud regulations, contracts, and procedures. The gaos yellow book, government auditing standards, lays down certain cpe requirements. Aicpa mycpe manager is the newest tool to help you manage your continuing education requirements. The 2018 yellow book can be accessed on the gao yellow book web page. You can see which jurisdictions have these requirements by using the filter feature below. Each auditor performing work in accordance with gagas should complete, every 2 years, at least 24 hours of cpe that directly relates to government. Companion to ppcs guide to hud audits consists of three interactive selfstudy cpe courses. Laura is a certified public accountant in california, washington, and alaska. All jurisdictions accept courses from registry sponsors to a certain extent. This also covers compliance requirements, sampling, findings, reporting, and deficiencies commonly found in hud audits. Keeping up with an everchanging accounting industry requires a commitment to a lifetime of learning.
The purpose of this gaqc web page is to assist auditors performing hud engagements with finding information and news relevant to their audits. The 2018 yellow book provides that nonsupervisory auditors who charge less than 40 hours of their time annually to engagements conducted in accordance with the yellow book are exempted. While the hud web site provides much information and resources, not all are relevant to auditors of entities subject to hud audit requirements. However, some slight relief from the requirements is provided. Yellow book continuing education requirements are governed by the u. Instead of three layers, you must be apply four layers of audit requirements. State boards of accountancy have final authority on the acceptance of individual courses for cpe credit. As of 2011, the gagas continuing professional education requirements have not changed since this document was issued. Auditors performing work under gagas, including planning, directing, performing field work, or reporting on an audit or attestation engagement under gagas, should maintain their professional competence through continuing professional education cpe.
For instance, in auditing hud programs, you must follow the hud audit guide as well as the single audit requirements and hence the yellow book and the aicpa standards. These requirements are outlined in the gaos guidance on gagas requirements for continuing professional education. Contrast the compliance requirements for both title i and title ii approved lenders. Chapter 1 documents the purpose, background, and general requirements for performing a hud required audit. Audit compliance outsourcing cpe seminars, chicago. In an environment of accelerating change and increasingly complex audit and attestation work, cpe is an integral part of the lifelong learning that is necessary for auditors to maintain their professional competence. While the expanded cpe recognition qualifies for illinois state licensure, it does not qualify for the 24 or 80hour cpe requirements of government auditing standards i. Therefore, each auditor performing work under gagas should. Cpas use the yellow book for audits of nonprofit organizations, hud projects, state and local government programs receiving federal funding, and more. Auditors performing work under gagas need to complete 80 hours of cpe every. Second, a compliance audit should be conducted in accordance with this audit. Fulfill your 24hour yellow book requirement for one low price with surgents selfstudy yellow book package. Through a case studyintense, highly interactive, classroom environment, this cpe course provides you with the tools necessary to go beyond the theory and create valueadded services for your clients. Additional information can be found on the office of management and budget omb policy statements web page.
There is no formal preapproval process for the mncpa or any other sponsor to qualify a course for yellow book credit. Hud audit guide gaap gagas yellow book audit related questions type of audit and any findings attestation of independent public accountant agreed upon procedures of compliance with required audit procedures recertification extension requests submit through leap at least 45 days prior to due date failure to recertify. It outlines the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. Our free compliance manager makes it easy to actively monitor your cpe deadlines and mandatory subject requirements so you dont have to.
Laura provides continuing professional education in various areas, including single audits, hud audits and yellow book audits. It also provides background information on the various type. The 2018 yellow book provides slight relief from the cpe. The 80hour rule every two years the 24hour rule every two years then you must answer. The audit must be done by a certified public accountant or a public accountant licensed on or before dec. Advanced auditing of hud assisted projects cpe 102119. What are the requirements for yellow book continuing professional education cpe. Introduction to the yellow book interpreted yellowbook. Below we will address 1 who is subject to the yellow book cpe requirements and 2 what cpe classes satisfy those requirements. She is a certified public accountant cpa in california, washington, and alaska and has an audit practice in kirkland, washington. However, some jurisdictions have additional requirements. We will address chapters of the hud audit guide, circular a3 and changes included in the uniform grant guidance, including compliance requirements, sampling, findings and reporting. Resources include the most uptodate information on the uniform. Provides guidance on general standards, standards for financial audits, standards for attestation engagements, and field work and reporting standards for performance audits.
Page 6162 of government auditing standards 2018 revision. She currently has an audit practice in kirkland, washington. Cpe classes and webinars cpe course on demand becker. Consolidated audit guide for audits of hud programs handbook 2000. Or if you audit banks subject to yellow book requirements e. Track, organize and plan your cpe whether you report on one jurisdiction or several. Identify the three subjects of a single audit compare the requirements of the aicpa, the gao, and uniform administrative requirements, cost principles, and audit requirements for federal awards define significant requirements of the yellow book order the levels of materiality on a single audit chapter 1 single audits are different. Audit guide office of inspector general, department of. Auditors performing work under the gaos government auditing standards are required to complete, every two years, 24 hours of cpe in subjects directly related to government auditing, the government environment, or the specific or. The cpe is expected to last two hours in the morning. For more than 60 years, becker has been the trusted leader people turn to for staying current on issues critical to todays accounting professionals. Consolidated audit guide for audits of hud programs office. Sep 30, 2019 one of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements.
Let us demonstrate our skills in providing exceptional nonprofit yellow book a3 audit services. Department of housing and urban development 451 7th street s. One of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements. Mycpe manager includes all state and most credential requirements, so you can manage your unique combination of jurisdictions with ease. We will help you comply with yellow book requirements so you can avoid inspector general scrutiny, penalties, sanctions and even termination from a3 and nonprofit programs. Jaeggli identified an issue with two of the hud courses in the gagas category, noting that they were specific to hud and not yellow book. Each auditor performing work under gagas should complete every two years at least 80 hours of cpe that directly enhance the auditors professional proficiency to perform audits andor attestation engagements. Continuing professional education cpe programs general personal development, such as resume writing, improving parentchild relations, personal investments and money management, and retirement planning do not qualify for yellow book cpe. What you need to know 6 going concern client assertion 2 audit efficiencies with technology 8 hud audit guide chapter 3. Education requirements current michigan law requires that cpa candidates complete 150 semester hours of college education, including a bachelors degree or higher degree with a concentration in accounting, from an accredited institution. Department of housing and urban development hud requires audits of entities participating in various hud programs. Advanced auditing of hud assisted projects during this course you will gain important insights into compliance pitfalls for hud assisted housing owners and managers. Cpe committee minutes november 18, 2014 page 2 of 3 4. Advanced auditing of hud assisted projects cpe 1021.