Management Concepts

Auditing Fundamentals in the Federal Environment

Available dates

Dec 16—17, 2019
Online
USD 729
Jan 9—10, 2020
2 days
Washington, District of Columbia, United States
USD 729
USD 364 per day
Feb 10—11, 2020
Online
USD 729
+6 more options

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About the course

Developing a thorough understanding of the audit process and how the Generally Accepted Government Auditing Standards (GAGAS) are applied at all agency levels can help you avoid errors associated with the audit phase. You will learn to assess risk, apply standards of evidence, and support audit reporting. In addition, you will explore the auditor-auditee relationship through scenario-based exercises.

Learning Objectives

  • Describe the laws, regulations, and other basic requirements for audits in the government environment
  • Describe the standards, approaches, and techniques government auditors follow
  • Describe the various types of audits
  • Identify the types of evidence
  • Describe how effective audit recommendations are needed to facilitate corrective actions
  • Collaborate with the audit team to take effective corrective actions, if needed
  • Develop positive auditee/auditor relationships that enhance communication and help ensure audit reports contribute to program and operational improvements

Course Topics

Laws and Other Requirements for Audits

  • Major Audit Organizations at the Federal Level
  • How Legislatures and Oversight Bodies Use Audit Results
  • Federal Laws Affecting Agency Accountability and Auditing
  • Audits of Federal Grants to State and Local Governments
  • Lesson Wrap-Up

Auditing Basics

  • Types of Audits
  • GAGAS
  • The Audit Finding
  • Auditor’s Need for High-Quality Evidence
  • Management’s Responsibility for Internal Control
  • Auditor’s Conceptual Framework of Internal Control
  • Nonaudit Services
  • Lesson Wrap-Up

Financial Statement Audits

  • Government Accountability Office (GAO) and Office of Management and Budget (OMB) Guidance
  • Generally Accepted Accounting Principles (GAAP)
  • Audit Opinion
  • Additional GAGAS Requirements
  • Evidence
  • Field Work Standards for Financial Statement Audits
  • Reporting Standards for Financial Statement Audits
  • Major Phases of Financial Statement Audits
  • Developing the Elements of a Finding
  • Report Structure for Financial Statement Audits
  • Lesson Wrap-Up

Attestation Engagements

  • Attestation Engagements
  • Field Work Standards for Attestation Engagements
  • Reporting Standards for Attestation Engagements
  • Major Phases of Attestation Engagements
  • Lesson Wrap-Up

Performance Audits

  • Types of Performance Audits
  • Major Phases of Performance Audits
  • Standards for Evidence for Performance Audits—Chapter 6, 6.56
  • Field Work Standards for Performance Audits
  • Major Phases of Performance Audits
  • Conclusions and Recommendations
  • Lesson Wrap-Up

The Auditor-Auditee Relationship

  • Effective Auditor-Auditee Relationships
  • The Audit Report Tone
  • Lesson Wrap-Up

Who should attend

This course is designed for Federal, state, and local agency personnel whose programs and/or operations are subject to financial statement audits, attestation engagements, and/or performance audits performed in accordance with Generally Accepted Government Auditing Standards (GAGAS) as well as those who want to understand more about how audits are performed.

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