Presentation on theme: "A Governmental Audit Quality Center Web Event March 13, 2013"— Presentation transcript:
1A Governmental Audit Quality Center Web Event March 13, 2013 2013 AICPA Guides for Yellow Book/Circular A-133, State and Local Governments, and Not-for-Profit Entities: What to Expect for Clarity, Auditor Report Changes, and MoreA Governmental Audit Quality Center Web EventMarch 13, 2013
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6What we will cover Background on the AICPA Guides Being Covered Today Government Auditing Standards and Circular A-133 Audits – Audit Guide (GAS-A133 Guide)State and Local Governments – Audit and Accounting Guide (SLG Guide)Not-for-Profit Entities – Audit and Accounting Guide (NFP Guide)Overarching Changes Affecting all GuidesWhat you Should Expect for Updates to Guide Content and Illustrative ReportsClarity and GAAS Resources to Assist You
7Background on the AICPA Guides Being Covered Today
9Authoritative Status of AICPA Guides Auditing guidance considered interpretive publication under AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing StandardsAuditor required to consider interpretive publications in planning and performing the auditIf the auditor does not apply the auditing guidance, the auditor should document how requirements of GAAS were complied withBasis of accounting content is from GAAP standard-setters, but Guides provide additional explanationSLG Guide includes “level b” GAAP
10Status of 2013 Editions of the Guides GAS-A133 GuideGuide content in final review stage (Auditing Standards Board (ASB), GAO, OMB, federal agency representatives)eBook available on May 24 and print version on June 24SLG GuideGuide content in final review stage (ASB, GASB)eBook available on May 3 and print version on June 3NFP Entities GuideeBook available now; online Professional Library subscription available late March; print version will be available April 122013 editions of the Guides can be ordered through
12Overarching Changes Affecting all Guides Terminology Changes (AU-C section 200)General, Field Work and Reporting Standards (10 General Standards) have been replacedIf an auditor fulfills the overall objective of the audit and meets applicable ethical requirements the ASB believes that the auditor will have fulfilled the requirements currently stated in the 10 standards
13Overarching Changes Affecting all Guides Terms of Engagement (AU-C section 210)Requires the auditor to determine if preconditions for an audit are presentAcceptable financial reporting framework in the preparation and presentation of the financial statements and management acknowledgement of responsibilityThe auditor is required to obtain the agreement of management that it:acknowledges and understands its responsibility for selecting the appropriate financial reporting framework,establishing and maintaining internal control, andproviding access and information to the auditor.Auditor generally should not accept engagement with management-imposed scope limitation
14Overarching Changes Affecting all Guides Considerations of Laws and Regulations (AU-C section 250)requires the performance of procedures to identify instances of noncompliance with those laws and regulations that may have a material effect on the financial statementsOpening Balances in Initial Audits (AU-C section 510)Strengthens existing standards by making clear that reviewing a predecessor auditor’s audit documentation cannot be the only procedure performed to obtain sufficient appropriate audit evidence regarding opening balances.
15Overarching Changes Affecting all Guides Group Audits (AU-C section 600)DefinitionsResponsibilities of the Group Engagement PartnerMaking ReferenceInvolvement With, and Understanding of, Component AuditorsMaterialityCommunication with Others and DocumentationArchived GAQC Web event, New Group Audits Standard and Its Effect on Your Governmental and Not-For-Profit AuditsUsing the Work of an Auditor’s Specialist (AU-C 620)Incremental documentation requirements for in-firm specialists
16Overarching Changes Affecting all Guides (Reporting) Forming an Opinion and Reporting on Financial Statements (AU-C 700)Description of management’s responsibility in more detail than AU section 508Use of headings to clearly distinguish each section of the reportReport on the Financial StatementsManagement's Responsibility for the F/SMore robust wordingAuditor’s ResponsibilityOpinion(s)Other MattersReport on Other Legal and Regulatory Requirements
17Overarching Changes Affecting all Guides (Reporting) Emphasis of Matter (AU-C section 706)Refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor’s professional judgment, is of such importance that it is fundamental to users’ understanding of the financial statements.Other Matter (AU-C section 706)Refers to a matter other than those presented or disclosed in the financial statements that, in the auditor’s professional judgment, is relevant to users’ understanding of the audit, the auditor’s responsibilities, or the auditor’s report
18Overarching Changes Affecting all Guides (Reporting) Terminology ChangesExtant TermClarified TermStandard ReportTerm not used because we refer to the opinion and not the reportClean opinion/Qualified OpinionUnmodified Opinion/Modified OpinionExplanatory ParagraphEmphasis-of-matter paragraph or other-matter paragraph (as applicable)Explanatory LanguageAdditional communication
19What you Should Expect for Updates to Guide Content and Illustrative Reports
21Part I: Financial Statement Audits Under Government Auditing Standards Major changes in 2013 edition relate to 2011 edition of Government Auditing Standards (Yellow Book or YB) and clarity auditing standardsRelevant professional standards and applicable Audit and Accounting Guides (SLG and NFP Guides) are primary source of information on GAAS financial statement audit requirementsDescribes GAAS to the extent necessary to explain the related requirements of the YB
22Chapter 1 – Introduction and Overview of Government Auditing Standards 2011 Yellow Book now incorporates all AICPA auditing standardsPrevious Yellow Book did not adopt AICPA general standards (pre-clarity)As per AU-C 200 this means that all auditors performing Government Auditing Standards audits are subject to all AICPA auditing standardsCompliance with AICPA Code of Professional ConductGeography ChangesOverview material updated and moved into chapter 1Applicability of the Yellow BookUse of terminology to define Yellow Book requirements
23Chapter 2 - The Ethical Principles and General Standards in Government Auditing Standards Chapters have been realigned with the revised chapters of the YBGreatly expanded independence contentConceptual Framework for independenceIndependence of mind and in appearanceEmphasis on the importance of considering individual threats to independence both individually and in aggregateFocus on nonaudit services requirementsComparison of AICPA and YB independence requirements added
24Chapter 2 - The Ethical Principles and General Standards in Government Auditing Standards Expanded Independence Documentation DiscussionAuditors required to assess and document whether management possesses suitable skills, knowledge or experience (SKE) to oversee nonaudit servicesDocumentation also required when threats are significant and safeguards are applied
25Chapter 2 - The Ethical Principles and General Standards in Government Auditing Standards Updated all YB general standard material – for example:Peer Review – changes to align YB with AICPA Peer Review StandardsPeer review report terminologyContinuing Professional EducationDistinction made between internal and external specialistsExternal specialists are not required to meet the YB CPE requirements (audit team should determine that external specialists are qualified and competent)
26Chapter 3 - Planning and Performing a Financial Statement Audit in Accordance with Government Auditing StandardsGAAS content modified due to restructure of the YBAll AICPA standards adopted; YB does not repeat GAAS emphasis areas like it used toVery few additional YB requirements remainAuditor communicationPrevious audits and attestation engagementsFraud, noncompliance with provisions of laws, regulations, contracts, and grant agreements, and abuseDeveloping elements of a findingAudit documentation
27Chapter 3 - Planning and Performing a Financial Statement Audit in Accordance with Government Auditing StandardsTerms of Engagement (AU-C section 210)Already covered the basics earlier in the presentation – chapter emphasizes the preconditions, etc.Chapter provides updated list of items to be considered for the engagement letter that specifically relate to the YBAuditor responsibilities and the reports the auditor is expected to issue and prepareManagement’s responsibilities – See YB Appendix I, section A1.08Considerations when nonaudit services performed
28Chapter 3 - Planning and Performing a Financial Statement Audit in Accordance with Government Auditing StandardsConsideration for Laws and Regulations in an Audit of Financial Statements (AU-C section 250)Specific procedures to detect illegal acts, including inspecting correspondenceEmphasis that YB adds “provisions of contracts and grants”Written Representations (AU-C section 580)Chapter provides updated list of items that may be relevant in representation letter for a YB auditPrimarily just tinkered with wording to ensure matched clarity standards and YBGroup Audits (AU-C section 600)Guidance just points to the SLG and NFP guides for details of affect of AU-C section 600 on financial statement audits and Chapter 4 for reporting illustrations
29Chapter 4 - Auditor Reporting Requirements and Other Communication Considerations of Government Auditing StandardsChapter and illustrations reflect new YB and many AU-C sections as follows:AU-C 265, Communicating Internal Control Related Matters Identified in an AuditAU-C 700, Forming an Opinion and Reporting on Financial StatementsAU-C 705, Modifications to the Opinion in the Independent Auditor's ReportAU-C 720, Other Information in Documents Containing Audited Financial StatementsAU-C 725, Supplementary Information In Relation to the Financial Statements as a WholeAU-C 730, Required Supplementary InformationAU-C 905, Alert that Restricts the Use of the Auditor's Written Communication
30Chapter 4 - SLG and NFP Financial Statement Report Changes Revised wording to adhere to new requirements in both the clarity auditing standards and Government Auditing StandardsSubheadings addedManagement's ResponsibilityAuditor's ResponsibilityOther Matters (e.g., reporting required supplementary information or other information)Other Reporting Required by Government Auditing Standards- new subheading describing the linkage to the reporting required by YBMinor change - standards indicate report should be addressed to “appropriate addressee” and city and state added
31Chapter 4 - Yellow Book Reporting Changes Wording changes for clarity standards and YBReports now assume governmental entity; footnotes provide revisions needed for NFPsAdded the title, “Independent Auditor’s Report”Maintained the existing report subheadings of "Internal Control Over Financial Reporting" and "Compliance and Other Matters"Reference to management letter no longer required in YB reportReplaced the "restricted use alert" with a "purpose alert" as required by AU-C 905Access the clarified illustrative Government Auditing Standards reports.
32Part II: Circular A-133 Audits Changes relate primarily to the clarity auditing standardsMost changes not considered significantChapters 6 (planning) and13 (reporting) had the most changesSignificant changes for Part II in future edition of this Guides once current single audit reform efforts becomes effective
33Chapter 6 - Planning Considerations of Circular A-133 Updated many standards references and wording due to clarityNo significant changes to practice as a result of these changesGroup Audits (AU-C section 600)Expected guidance will likely indicate a limited impact on GAS-A133 audits since each major program opined on separately (limited aggregation risk)Other considerations when program administered by multiple organizational units, locations, or branches (already have sampling guidance for these situations)
34Chapter 13 - Auditor Reporting Requirements and Other Communication Considerations in a Single Audit Chapter and illustrations reflect new YB and many AU-C sections as follows:AU-C 265, Communicating Internal Control Related Matters Identified in an AuditAU-C 700, Forming an Opinion and Reporting on Financial StatementsAU-C 705, Modifications to the Opinion in the Independent Auditor's ReportAU-C 725, Supplementary Information In Relation to the Financial Statements as a WholeAU-C 905, Alert that Restricts the Use of the Auditor's Written CommunicationAU-C 935, Compliance Audits
35Chapter 13 - Auditor Reporting Requirements and Other Communication Considerations in a Single Audit Wording changes for both clarity standards and YBUsed major headings to clarify that the reporting includes several distinct reportsReport on Compliance for Each Major Program (opinion-level assurance)Report on Internal Control over Compliance (byproduct reporting on internal control over compliance);Report on the Schedule of Expenditures of Federal Awards (SEFA) - only if such in-relation-to reporting is included hereReport examples now illustrate in body of the report how to report on the SEFA within the A-133 report; not implying that this is a best practice
36Chapter 13 - Circular A-133 Report Changes Use of subheads within the Report on Compliance for Each Major Program similar to that used in a financial statement audit reportNo subheads used within the Report on Internal Control Over ComplianceHow opinion modification(s) on one or more major federal programs modify the report wording and how the use of subheads should be applied in this contextReplaced the "restricted use alert" with a new "purpose alert" and clarified that such an alert only relates to the reporting on internal control over compliance
37Chapter 13 - Circular A-133 Report Changes Added example of how an auditor might include a table within the report to more clearly articulate findings that modify an opinion on a major federal program or relate to material weaknesses, significant deficiencies, or other noncompliance findings (this change was unrelated to the clarity standards)How a paragraph relating to management's response to findings is placed in both the Report on Compliance for Each Major Program and the Report on Internal Control over Compliance when there are findings noted in each areaAccess the clarified illustrative Circular A-133 reports.
38State and Local Governments – Audit and Accounting Guide
39SLG Chapter 1 – Overview and Introduction AU-C 200 requires the auditor to express an opinion on whether the f/s are presented fairly, in all material respects, in accordance with an applicable financial reporting frameworkTake the opportunity to reinforce to your clients the proper reporting framework based upon definition of a governmentRefer to definition of a government in paragraph 1.01 of the SLG Guide
40SLG Chapter 2 – Financial Reporting Incorporates Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net PositionNote that Statement No. 65, Items Previously Reported as Assets and Liabilities, was not incorporated into the 2013 GuideTerminology changesNet assets is now net positionAdds in elements ‘deferred outflows of resources’ (DOR) and ‘deferred inflows of resources’ (DIR)Describes the Statement of Net PositionSeparate reporting (DOR/DIR not combined with assets/liabilities)Cannot net DOR/DIRPresentation when there are multiple DOR/DIR
41SLG Chapter 4 – General Auditing Considerations General Reorganization of the ChapterMuch of the content is the same but the topics were reordered to align with the flow of clarity standards and wording updatedTerms of Engagement (AU-C 210)Requires the auditor to determine if preconditions for an audit are presentPreconditions for an audit include, among other things, the use by management of an acceptable financial reporting framework in the preparation and presentation of the financial statements.
42SLG Chapter 4 – General Auditing Considerations Group AuditsIt can be analogized that each opinion unit is equivalent to its own group and likely there would be no additional requirements under AU-C section 600 if an opinion unit met the definition of a component (unless the component was audited by other auditors).Component versus component unitMaking referenceThe GASB financial reporting framework allows certain nongovernmental component units that report under the FASB financial reporting framework, to be incorporated into the reporting entity’s financial statements.In these circumstances, the group auditor may make reference to the audit of a component auditor.
43SLG Chapter 4 – General Auditing Considerations Group AuditsFactors that auditors may consider in identifying components for state and local governments include:Portion of audit performed by other auditorsGovernance, legal, and management structuresEquity method investmentsDecentralization of operationsOutsourcing of operationsNature of activities and uniqueness of relationship to the entityControl environmentSubsequent eventsGAQC Web event titled, Understanding the Potential Impacts of the New Group Audits SAS on Your Governmental and Not-For-Profit Audit Engagements
44SLG Chapter 4 – General Auditing Considerations Group Audits
45SLG Chapter 5 – Financial Instruments Derivative Terminations (very narrow issue)GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions an amendment of GASB Statement No. 53Provides guidance on ceasing hedge accounting when the hedging derivative instrument is terminated unless an effective hedging relationship continues. Provides the criteria for when an effective hedging relationship continues.
46SLG Chapter 7 – Capital Assets SLG Chapter 8 – Expenses/Expenditures/Liabilities Guidance Added on GASB Statement No. 60, Service Concession Arrangements (SCAs)Accounting and Financial Reporting by the Gov. TransferorExisting facility - continues to report existing facility as capital asset.New facility or improvements to existing facility, transferor reportsA new facility or improvements as capital asset at fair value when placed into operation,Any contractual obligations as liabilities,And a corresponding deferred inflow of resources equal to the difference between (1) and (2).Note chapter 9 also has a brief discussion of SCAs
47SLG Chapter 7 – Capital Assets SLG Chapter 8 – Expenses/Expenditures/Liabilities Guidance Added on GASB Statement No. 60, Service Concession ArrangementsAccounting and Financial Reporting by the Gov. OperatorIntangible asset for the right to access the facility and collect 3rd party fees form its operationImprovements to the facility by the operator should increase the intangible assetAmortize the intangible asset over the term of the arrangement in a systematic and rational mannerLiabilities discussed in chapter 8
48SLG Chapter 10 - Net Position and Financial Statement Reconciliations Government-Wide Net PositionDiscuss the impact of DOR/DIR on components of the statementNet investment in capital assetsRestricted net positionUnrestricted net positionProprietary Fund Net PositionParagraph 8 of GASB Statement No. 63 requires the residual amount of all other elements be reported as net position rather than net assets, proprietary fund balance or equity.Disclosures
49SLG Chapter 11 – The Budget Budgetary Compliance Procedures - AU-C 250 expanded work regarding noncomplianceObtain sufficient appropriate audit evidence regarding material amounts and disclosures in the financial statements that are determined by the provisions of those laws and regulations generally recognized to have a direct effect on their determinationFurther, the auditor should perform the audit procedures that may identify instances of noncompliance with other laws and regulations that may have a material effect on the financial statements
50SLG Chapter 13 – Concluding the Audit Considerations for an Emphasis of MatterEvaluate instances when there are indicators of substantial doubt of the government’s ability to continue as a going concern, but collectively the indicators do not meet the criteria under GASB Statement No. 56.If indicators could significantly curtail the government’s ability to continue to provide public services at the current level –Consider including an emphasis of matter paragraph to assist users in understanding the financial position of the government entityOther changes were to align to wording in AU-C but no major changes or expansion from the extant AUs
51SLG Chapter 15 – Special Purpose Framework Revisions address special considerations in the application of professional standards to an audit of f/s prepared in accordance with a special purpose frameworkCash, Tax, Regulatory, Contractual (similar to extant)Other Bases of Accounting: uses a definite set of logical, reasonable criteria that is applied to all material items appearing in financial statements.Report illustrations updated for ClarityAdditional Resources:AICPA’s Practice Aid: Applying OCBOA in State and Local Governmental Financial StatementsAICPA’s Practice Aid: Accounting and Financial Reporting Guidelines for Cash- and Tax- Basis Financial Statements
52SLG Chapter 16 - Auditor Involvement with Municipal Securities Filings Terminology changed from ‘association’ to ‘involvement’Situations triggering involvement remain unchangedAssisting in preparing the financial information included in the official statementReviewing a draft of the official statement at the government’s requestSigning (either manually or electronically) the independent auditor’s report for inclusion in a specific official statementProviding written agreement (for example, through a consent letter or signed authorization form) for the use of the independent auditor’s report in a specific official statementProviding a revised independent auditor’s report for inclusion in a specific official statementIssuing a comfort letter, the letter described in paragraph .12 of AU-C section 920, Letters for Underwriters and Certain Other Requesting Parties, or an attestation engagement report in lieu of a comfort or similar letter on information included in the official statementIssuing a report on an attestation engagement relating to the debt offering
53SLG Chapter 16 - Auditor Involvement with Municipal Securities Filings Using Government Auditing Standards Reports and References in the Official StatementDetermine if auditor’s report is present in the official statementAdvisable to use a report on the f/s that does not refer to Government Auditing Standards
54SLG Chapter 14 – Reporting Terms to HighlightBasic Financial StatementsFinancial StatementsUse of Terms ‘Opinion’ versus ‘Opinions’Report Illustrations Reflect Many AU-C SectionsRefer to AU-C to tailor your reports to specific scenariosAU-C 700, Forming an Opinion and Reporting on Financial StatementsAU-C 705, Modifications to the Opinion in the Independent Auditor's ReportAU-C 720, Other Information in Documents Containing Audited Financial StatementsAU-C 725, Supplementary Information In Relation to the Financial Statements as a WholeAU-C 730, Required Supplementary Information
55SLG Chapter 14 – Reporting Report ChangesFitting the state and local government opinion unit audit concept into the new clarity reporting structureMultiple OpinionsChanges that would be made and additional subheadings that would be added when the auditor has opinion modifications on one or more opinion units and unmodified opinions on other opinion unitsThe inclusion of an optional table within the report to more clearly communicate when more than one type of opinion is being issued and the nature of the opinions issued (e.g., unmodified, qualified, adverse)
56SLG Chapter 14 – Reporting Report ChangesReport on the Financial StatementsDefine what has been audited – dependent upon the engagementWording diverges from AU-C 700 because of opinion unitsManagement’s Responsibility for the Financial StatementsConsistent across illustrationsAuditor’s ResponsibilityIncludes modifications for audits performed under Government Auditing Standards – but auditors need to look to the GAS A-133 Guide for more guidanceRequires modification for opinion/opinions and reference to other auditors
57SLG Chapter 14 – Reporting Report ChangesUnmodified Opinion(s) OnlyOne opinion paragraphHeader “Opinion” or “Opinions”More than One Type of Opinion IssuedIllustrative Table – “Summary of Opinions”Basis Paragraph to Precede Modified OpinionSuggest identifying the opinion unit (OU) to which the modification applies in the headerModified Opinion – refer to Basis paragraph and specific OU’s to which the modified opinion appliesIllustrated structure with multiple modificationsBasis / Modified Opinion Basis/Modified Opinion
58SLG Chapter 14 – Reporting Report ChangesOther MattersRequired Supplementary InformationOther Information (OI)Includes reporting on Supplementary Information (SI) when engaged to provide an in relation to opinionReporting on OI when the auditor chooses to disclaim an opinion on the OIEmphasis of MatterPrimary Government That Omits the Financial Data of Each Component Unit and That Issues Audited Financial Statements for the Reporting EntityFund/Department/Program Statements OnlyReport on Other Legal and Regulatory Requirements
59SLG Chapter 14 – Reporting Adverse OpinionChange made to AU-C Illustration 3, An Auditor’s Report Containing an Adverse Opinion Due to a Material Misstatement of the Financial Statements – not in the GAQC’s early release of illustrations (Example A-10)In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion paragraph, the consolidated financial statements referred to above do not present fairly the financial position of ABC Company and its subsidiaries as of December 31, 20X1, or the results of their operations or their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.Access the clarified illustrative state and local government financial reports.
60Not-for-Profit Entities – Audit and Accounting Guide
61NFP Guide Updates NFP Entities The Guide covers entities that meet the definition of a NFP included in the FASB ASC glossary. An entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity:Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary returnOperating purposes other than to provide goods or services at a profitAbsence of ownership interests like those of business entities
62NFP Guide Updates NFP Entities (Continued) The Guide also covers entities that clearly fall outside this definition:All investor-owned entitiesEntities that provide dividends, lower costs, or other economic benefits directly and proportionately to their owners, members, or participants, such as mutual insurance entities, credit unions, farm and rural electric cooperatives, and employee benefit plans.Caveats…there are NFPs that meet the definition of an NFP without possessing characteristics. For example, some NFPs, such as those that receive all their revenue from exchange transactions, receive no contributions.Ensure you are using the correct Guide for your client!
63NFP Chapter 2 – General Auditing Considerations – Clarity Implications Terms of EngagementAudit PlanningGroup AuditsMaterialityFraud and ErrorsCompliance (Laws and Regulations)
64NFP Chapter 14 – Reporting – Clarity Implications Report Examples will be included in 2013 NFP GuideReport Example in AU-C section 700, Forming an Opinion and Reporting on Financial StatementsReport Example 4-2 in GAS-A133 Audit GuideGenerally based on the report in NFP guide; modified to show changes needed if audit also done under YB
65NFP Guide Updates - Overhaul Posted for comment in late 2012Addresses many new accounting issues that have emerged over the yearsIncludes guidance dedicated specifically to not-for-profit entitiesSome of the main areas addressed by overhaulReporting relationships with other entitiesReporting and measuring noncash giftsA new chapter on program-related investments and microfinance loansReporting the expiration of donor-imposed restrictionsSuggestions for audit procedures an auditor might consider as a supplement to the risk assessment procedures
66NFP Guide – Overhaul Web Event AICPA Web Event Planned for May 1 on the 2013 NFP Guide.Stay tune for registration information
68Clarity and Other GAAS Resources Financial Resource Center – Audit and Attest Services SectionSection dedicated to ClarityStandards TrackerHighlights of Hot TopicsGuidanceSummary of Differences Between Clarified SASs and Existing SASsSummary of Clarified Auditing Reporting Standards
69Clarity and Other GAAS Resources PublicationsAudit and Accounting ManualAudit Risk Alert: Understanding the New Clarified Auditing StandardsPractice Aid: Understanding the New Clarified Auditing StandardsWeb Events and AICPA TV OfferingsArchived GAQC Web event titled, Implementing the Clarified SASs in a Governmental and Not-For Profit Audit Environment: What, When, and How?Archived GAQC Web event titled, Understanding the Potential Impacts of the New Group Audits SAS on Your Governmental and Not-For-Profit Audit EngagementsAICPA TV
702011 Yellow Book Resources 2011 Yellow Book AICPA 2011 Yellow Book Independence - Nonaudit Services Documentation Practice AidFree to AICPA members in PDF formatFor-sale version that can be used to input information and save as part of the audit documentationArchived GAQC Web eventsThe New 2011 Yellow Book: What You Need to Know Now2011 Yellow Book Independence Practice AidAICPA – Government Auditing Standards Independence Rules Comparison
71For Auditors Performing HUD For-Profit Audits GAQC Alert #214 – Draft Illustrative Reports Posted for HUD Audits Performed Under HUD Consolidated Audit Guide:a financial statement audit report for a HUD for-profit recipient;the reporting to meet the requirements of Government Auditing Standards as it relates to reporting on compliance and other matters at the financial statement level and internal control over financial reporting; andthe opinion on compliance for each major HUD program and the related reporting on internal control over compliance.
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