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 […]
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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.
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 […]
Technical Update to the 2018 Yellow Book Reduces Complexity
I have some great news to share! On April 14, 2021, the GAO issued a technical update to the 2018 Yellow Book. The update is like a beautiful spring bouquet for performance auditors because it eliminates two requirements that were overcomplicating a performance auditor’s work regarding internal control. What were the complications? The 2018 version […]
GAO Yellow Book Technical Update
On April 14, the GAO issued a technical update to the 2018 Yellow Book. I will be writing more about this in future newsletters, but wanted to alert you to these changes as soon as possible. Most of the changes impact performance auditors. The GAO has thankfully reversed their requirement that all 17 principles of […]
COSO and the GAO Green Book are the same thing
GAO Green Book, GAO Yellow Book … will the Government Accountability Office (GAO) never cease creating books with colored covers? Next thing you know, the GAO will come out with a Purple Book! The GAO Green Book’s formal title is Standards for Internal Controls in the Federal Government. The GAO Yellow Book is also known as Generally Accepted […]
When to get a new job: For audit professionals
When to get a new job: For Audit Professionals by Terry Owen What is the most important asset within your audit shop? I hope you answered loud enough that you startled those around you, “It’s the people!” Whether you’re a manager, a seasoned auditor or the newly minted MBA that just joined the team, you […]
Documenting Audit Findings – Part 2
Last week, I walked us through an example finding and showed how to support the finding with evidence. This week, I want to talk more about how you get there. As you will see, in order to reduce the hassle of documenting audit findings, it is best to start thinking about the elements very early […]
How to document audit findings
All auditors need to know how to document audit findings because audit findings are one of the two key deliverables of an audit project (the other is the conclusion against the audit objective, if you were wondering ☺). Here is a statement that performance auditors following GAGAS must include in their audit report: GAGAS 2018 […]
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