In this episode of THE SAMPLE, Leita Hart-Fanta, CPA answers the question, “How Much Yellow Book CPE Should I Earn?”
Blog
Substantive Analytical Procedures: Power Up
Are you using substantive analytical procedures in your audits? Many auditors rely solely on tests of details when a better option is available. Substantive analytics, in some cases, provide better evidential matter. And they are often more efficient than tests of details.
Equal vs. Equitable
The GAO added the word ‘equity’ back into the Yellow Book a few months ago in the technical revision to the 2018 yellow book. Here is one place where it shows up: 1.02 The concept of accountability for use of public resources and government authority is key to our nation’s governing processes. Management and officials […]
Management and auditor responsibilities for internal control
Management is ultimately responsible for establishing and implementing internal controls. Both the COSO literature and the GAO’s Green Book make that very clear. But because auditors use internal control concepts extensively in their work, the line can get blurred regarding management and auditor responsibilities for internal control. You see, the COSO model and the Green […]
How auditor independence can slip away
Auditor independence is as precious and essential to the credibility of an auditor as it is elusive. Independence can easily slip away without you even noticing it. And then one day, when you need to lean on it – when you really need it – it isn’t there. Only then do you realize you have […]
7 Ways to Spot a Subrecipient Relationship
Today we’re looking at four common grant mistakes regarding the un-allowability of public relations costs you may experience when managing your Federal grant.
Common audit challenges
I am a sharer, a disseminator, and a bug-like genetic slave to my professional function as a teacher and an author. Think of me as a little bee, flitting from flower to flower, spreading delicate yellow pollen… Wait! If you have ever met me in person, that image won’t work. No one has ever called […]
Scope limitations render an auditor useless
In the past few weeks, I have encountered three separate audit teams (one at the city level, one at the county level, and one at the federal level) who are struggling to overcome scope limitations. This is a very frustrating experience for the auditor and results in a significant waste of taxpayer funds. What are […]
163 Times! Audit Objectives Star in Chapter 8 of the Yellow Book
Audit objectives impact every decision on a performance audit. The GAO uses the term objective 163 times in Chapter 8 of the Yellow Book. Chapter 8 explains how to conduct a performance audit and is so rich with wisdom that I refer to it in almost every course I teach. I recently heard a preacher […]
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