General Principles
This is the overarching goal of the Yellow Book, emphasizing transparency and accountability in government.
What is improving government operations?
The Yellow Book requires auditors to avoid this type of threat, which occurs when professional judgment could be influenced by relationships or financial gain.
What is self-interest?
________ evaluate the efficiency and effectiveness of government programs.
What are performance audits?
Organizations conducting audits under GAGAS must implement processes and procedures to maintain ________.
What is quality control?
Audit reports should be prepared with this goal in mind, ensuring clarity and user understanding.
What is effective communication?
The Yellow Book is also referred to by this acronym.
What is GAGAS?
The Yellow Book defines five types of ________, including self-interest and bias.
What are threats to independence?
The Yellow Book primarily discusses these three types of audits, each focusing on different aspects of accountability and reporting.
What are financial audits, performance audits, and attestation engagements?
This type of review evaluates an audit organization’s compliance with quality control standards.
What is a peer review?
In a performance audit, this is the primary purpose of establishing clear objectives.
What is guiding the audit team?
This principle emphasizes the importance of being free from conflicts of interest in performing audits.
What is independence?
Auditors must document and evaluate this process for maintaining independence.
What is the independence framework?
This type of attestation engagement involves reporting on the results of specific agreed-upon procedures.
What is an agreed-upon procedures engagement?
The Yellow Book requires peer reviews to occur within this timeframe.
What is once every three years?
Ethical behavior, independence, and professional judgment standards are crucial for maintaining _____ and _____.
What is credibility and reliability?
The Yellow Book is updated periodically to ensure it stays aligned with these evolving professional practices and tools.
What are auditing standards and technologies?
Auditors should comply with these standards to avoid impairing their independence.
What are ethical principles?
This audit examines financial statements to determine if they accurately present the financial position and performance of an entity.
What is a financial statement audit?
This principle ensures that audit reports meet professional standards and user needs.
What is quality assurance?
According to the Yellow Book, audit reports must include ________ to clearly explain the basis for the audit findings and conclusions.
What is audit criteria?
The 2024 Yellow Book sets requirements for these two types of professional behavior to ensure quality and integrity.
What are competence and ethics?
GAGAS requires a minimum of how many CPE hours every two years for auditors?
What is 80 hours?
This type of review involves examining financial statements and related disclosures to determine if they are in conformity with generally accepted accounting principles, but without providing an audit opinion.
What is a review of financial statement audits?
The Yellow Book sets standards for documenting ________, which supports findings and demonstrates compliance with GAGAS.
What is audit evidence?
GAGAS requires auditors to retain ________ for all audits as evidence of compliance.
What is audit documentation?