A significant challenge facing many auditors is determining and documenting their independence under generally accepted government auditing standards (GAGAS). All professional involved in audits performed in accordance with GAGAS should have a working knowledge of the independence requirements imposed by the 2018 Yellow Book. We will cover the issues that all auditors need to know about the GAGAS independence requirements, by providing example about how to comply with these requirements. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to:
- Identify requirements related to determining and documenting independence under the 2018 Government Auditing Standards
- Recall core concepts fundamental to documenting independence when the auditor prepares the financial statement in their entirety
- Recall core concepts related to your clients' skills, knowledge, or experience (SKE)
- Recognize clarifications related to non-attest services that always impair independence
- Recall significant independence requirements contained in 2018 Government Auditing Standards
Major Topics
The major topics that will be covered in this class include:
- Key changes to documenting independence in an audit conducted in accordance with GAGAS
- Enhanced documentation required once a significant threat has been identified and the safeguards applied
- Clarifications related to certain services that always impair independence
- Clarification related to when the conceptual framework must be used
- Clarifications related to determining if clients possess suitable skills, knowledge or experience to take responsibility for the non-attest services provided by auditors
- Other important matters contained in the 2018 Government Auditing Standards related to independence
