Gov Audit Standards vs Gov Audit Standards (Yellow Book)

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  • August 16, 2011 at 9:27 pm #161290
    OneStepAwayCPA
    Participant

    I am working on Becker MC (A5) and I noticed some questions as “Gov Auditing Standards” and some “Gov Auditing Standards (Yellow Book)”. Arent both exactly the same? IM confused.

Viewing 7 replies - 1 through 7 (of 7 total)
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  • August 16, 2011 at 10:14 pm #292610
    Anonymous
    Inactive

    I think the “yellow book” is the CAFR. Im not sure, but I think this means that different standards apply if you are auditing GASB statements or if you are auditing the CAFR.

    August 17, 2011 at 2:38 am #292611
    OneStepAwayCPA
    Participant

    whats cafr?

    August 17, 2011 at 2:56 am #292612
    Anonymous
    Inactive

    Comprehensive Annual Financial Report.

    https://en.wikipedia.org/wiki/Comprehensive_annual_financial_report

    There were only a few questions related to the CAFR in my Gleim test questions.

    From what I've seen in my experience working for gov't entities, the CAFR is presented like a book with spiral binding, and bound in yellow cardstock…I guess thats why its called the “yellow book”.

    But i've didn't think there were separate auditing standards for the CAFR (yellow book)…

    August 17, 2011 at 3:15 am #292613
    Anonymous
    Inactive

    Haha, ok so I found this on a website called auditskills.com. Not sure how legit it is, but its a funny story anyway:

    “The Government Accountability Office (the GAO) initially created the Yellow Book to guide its own auditors. The creators called it “The Golden Rule of Auditing”, but when it came back from the printers, it wasn’t gold, but bright yellow. Not wanting to waste taxpayer dollars or duke it out with the federal printing folks, the GAO settled for yellow. “

    Im just gonna guess that there is no difference between GAGAS and GAGAS-Yellow book

    August 17, 2011 at 4:08 am #292614
    ScruffMcGruff
    Member

    I don't have my books with me at the moment but I believe they also talk about the Yellow Book standards a little bit at the start of F8 if you have your Becker Finance book with you.

    AUD - 85
    FAR - 78 (lol@ FAR Sims)
    REG - 85
    BEC - August

    August 17, 2011 at 6:25 am #292615
    OneStepAwayCPA
    Participant

    so cafr is yellow book? they dont mention cafr in roger or audit

    im lost

    August 17, 2011 at 12:31 pm #292616
    yankeeaccountant
    Participant

    I think it is semantics. The Yellow Book is a term that is used for the publication (put out by the GAO) that is titled Government Auditing Standards that is from GAGAS. I am just paraphrasing from a definition in the Becker book.

    I agree with Calcpasoon, I would consider them one in the same.

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