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Government Auditing Standards and Circular A-133 Audits — 2007/08 — Audit Risk Alert

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Description

This Audit Risk Alert is intended to provide auditors who perform audits under Government Auditing Standards or Office of Management and Budget Circular A-133, audits of States, Local Governments, and Non-Profit Organizations, with an overview of recent industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. Moreover, this alert delivers information about emerging practice issues and current accounting, auditing, and regulatory developments. This alert can also be used by an entity’s internal management to address areas of audit concern.

This year’s alert includes a discussion of the

  • Newly issued Yellow Book revision of July 2007,
  • Results of the federal study on single audit quality (the PCIE report),
  • Risk Assessment Standards,
  • Audit documentation requirements imposed by SAS No. 103, and
  • How internal control deficiencies have been re-defined by SAS No. 112 and the impact on Yellow Book and Circular A-133 audits.

This publication is an other auditing publication as defined in AU section 150. Other auditing publications have no authoritative status; however, they may help the auditor understand and apply the Statements on Auditing Standards. The auditing guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.

Table of Contents

This content is from the 2006 edition.

  • ACKNOWLEDGMENTS
  • GOVERNMENT AUDITING STANDARDS AND CIRCULAR A-133 AUDITS - 2006
    • Purpose and Timing of This Alert
    • Industry Developments
      • Requirements Continue to Change
      • Audit Quality Continues to Be a Concern
    • Regulatory, Legislative, and Other Developments
      • Importance of the OMB Circular A-133 Compliance Supplement
      • 2006 Compliance Supplement
      • OMB Grant Streamlining Process
      • Applicability of the OMB Cost Principles
      • Data Collection Form and Federal Audit Clearinghouse Update
      • Other Developments: Low-Risk Auditees, School Lenders, and Medicaid
      • Effect of Hurricanes Katrina and Rita
      • HUD Working to Revise Its Consolidated Audit Guide
    • Audit and Attestation Issues and Developments
      • Recent AICPA Auditing and Attestation Standards and Interpretations and Other Guidance
      • Government Auditing Standards Developments
      • Reference to Other Auditors in the Government Auditing Standards Report
      • Governmental Audit Quality Center
      • For-Profit "Circular A-133-Like" Audit Requirements
      • Auditor Reporting on SEFA When Engaged Only to Perform Circular A-133 Audit
      • Federal Agency Requests for Auditor Certifications
    • AICPA Auditing and Attestation Standards: Proposals and Upcoming Proposals
      • Proposed SSAE, Reporting on an Entity’s Internal Control Over Financial Reporting (AT 501)
      • Upcoming Reporting Proposal
    • Independence Requirements Under AICPA Rules, GAS, and Circular A-133
    • Adherence to Professional Standards and Requirements
      • National Statistical Sample of Audit Quality
      • Continued Problems Noted in GAS and Single Audits
      • Required Elements Not Included in Audit Findings
      • Provisions Relating to Clusters of Federal Programs
      • Deficiencies Under Industry Audit Guides - HUD
      • AICPA Peer Review Checklists - A Tool to Help Improve Audit Quality
  • APPENDIX A - FEDERAL AUDIT CLEARINGHOUSE TOPICS
  • APPENDIX B - RESEARCH TOOLS, AIDS, AND OTHER RESOURCES

Excerpts

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Paperback 2007
Product# 022457
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