Found It! Reporting Findings in Yellow Book and Single Audits/Audit Documentation Requirements - VIRTUAL

Overview

This four hour session includes two 2-hour classes!

Found it!  Reporting Findings in Yellow Book and Single Audits
When auditors detect findings in Yellow Book and single audits, they do not just communicate them in some shabby little letter to management; they get report!  In this course, we will examine what types of findings get reported, how they get reported, and where they get reported!  This course will take you from just checking a box and fulfilling a requirement to developing and delivering findings that make a meaningful difference to your clients.

Audit Documentation Requirements:
Audit documentation provides evidence that the audit was planned and performed in accordance with generally accepted auditing standards (GAAS) as well as applicable legal and regulatory requirements. It also serves other purposes such as assisting the engagement team to plan and perform the audit and assisting members of the engagement team responsible for supervision to direct and supervise the audit work and to discharge their review responsibilities. Audit documentation enables the engagement team to demonstrate that it is accountable for its work by documenting the procedure performed, the audit evidence examined, and the conclusions reached. As noted in the auditor's opinion, "The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal control." Audit documentation also supports the judgments of the auditor should a lawsuit arise where the auditor is called on to support that professional standards were followed.

Highlights

Found it!  Reporting Findings in Yellow Book and Single Audits:

• The types of findings reported in Yellow Book and single audits
• The Yellow Book and Uniform Guidance requirements for reporting findings
• How to really think through the elements of a finding to assist report users

Audit Documentation Requirements:

• Proper Documentation as a means of audit quality
• Factors impacting the nature and extent of documentation
• Illustrative workpapers and exercises
• Use of practice aids and other mechanisms as means of audit documentation
• Checklist for self-review of workpapers

Prerequisites

Found it!  Reporting Findings in Yellow Book and Single Audits:
Some introductory background in Yellow Book and single auditing

Audit Documentation Requirements:
None

Designed For

Found it!  Reporting Findings in Yellow Book and Single Audits:
Not-for-profit and government auditors.

Audit Documentation Requirements:
Auditors who perform audits under AICPA auditing standards

Objectives

Found it!  Reporting Findings in Yellow Book and Single Audits:

• Understand and apply the Yellow Book and Uniform Guidance requirements for developing and reporting findings
• Assist clients and report users in understanding where problems exist and how they can be corrected
• Skillfully write and report findings

Audit Documentation Requirements:

• Discuss the minimum documentation requirements found in professional standards
• Discuss tips and techniques for self-review
• Describe common workpaper deficiencies
• Explain how to prepare workpapers in proper form

Preparation

Found it!  Reporting Findings in Yellow Book and Single Audits
None

Audit Documentation requirements
None