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| The 2011 GAQC Annual Webcast will be held on Tuesday, May 3, 2011, from 1:00PM – 3:00PM (Eastern Time). This Webcast is required viewing for firm designated audit quality partners (DAQPs) and state audit organization (SAO) designated audit quality leaders. More information to come in the future. |
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Be on the lookout for a calendar of upcoming GAQC member-only Web event dates and topics in an upcoming GAQC Alert. We hope this convenient calendar will help members with scheduling CPE for the next few months.
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To stay abreast of these and other relevant events, visit the GAQC Web site at: gaqc.aicpa.org. Also, we welcome any suggestions or questions. Please send them by e-mail to GAQC@aicpa.org.
GAQC members may only reproduce and distribute GAQC e-alerts internally within the firm or State Audit Organization to other Center member personnel as part of the organization's professional services. For information about permission to copy any part of these documents for redistribution or inclusion in other work, please click on the copyright notice at the bottom of the page or phone the AICPA copyright permission hotline 919-402-4031. |
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The main purpose of this GAQC Alert is to provide you with important registration information about an upcoming Governmental Audit Quality Center (GAQC) member Web event titled, The 2007 Yellow Book: What a Beginner Needs to Understand, to be held on Wednesday, February 9, 2011, from 1:00 PM – 3:00 PM (Eastern Time). As a public service, the GAQC is offering this event to both members and non-members (see the last section of this GAQC Alert for more information on non-member participation and registration).
You may be wondering why the GAQC is offering a member event on the 2007 revision of Government Auditing Standards (also referred to as the Yellow Book) in light of the fact that a new revision of the Yellow Book may be issued sometime later this year. The primary reason is that there have been several federal agencies that have recently established Yellow Book and compliance audit requirements for "for-profit" organizations (e.g., financial institutions, electric utilities, automotive companies, machinery companies, telecommunication companies, and broadband providers) that are now effective for the first time. We believe this GAQC Web event will be helpful to staff working on these for-profit audits and dealing with a Yellow Book audit requirement for the first time. Additionally, you may have other staff working on governmental or not-for-profit organization audits that are new to the Yellow Book or want a refresher.
We encourage you to forward this GAQC Alert to those within your firms or state audit organizations (SAO) that you think would benefit from this training, as well as colleagues you might have at other non-GAQC member firms. Read on for more details about the event, presenters, and how to register. |
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| About the Web Event |
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Over the last year, several federal agencies have established audit requirements for for-profit organizations that require a financial statement audit under Government Auditing Standards, along with a compliance audit of federal funds expended. For example, the U.S. Department of Housing and Urban Development (HUD) is now requiring supervised mortgagees, including financial institutions, to have their financial statements audited under the Yellow Book and to undergo a compliance audit under the Consolidated Audit Guide for Audits of HUD Programs. Another example is the U.S. Department of Energy which has established a Yellow Book and compliance audit requirement for for-profit recipients of certain Energy federal awards (e.g., electric utilities, automotive companies, and machinery companies). The U.S. Department of Commerce also has a similar new requirement for telecommunications companies and others participating in the Broadband Technology Opportunties Program. The auditors of these entities are now pressed to quickly learn about what it means to perform a Yellow Book audit, among other things.
This GAQC Web event is intended to assist these for-profit auditors, as well as other staff new to performing government or not-for-profit audits, in understanding the key requirements of the 2007 revision of Yellow Book and how it differs from the AICPA's auditing standards. Participants attending this session will: |
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Hear a high-level overview of some of the new federal requirements leading to new Yellow Book audits; |
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Get a basic overview of the requirements of the 2007 revision of Government Auditing Standards; |
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Learn about some of the key differences between Government Auditing Standards and generally accepted auditing standards including:
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The Yellow Book Continuing Professional Education requirements; |
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Independence rules; |
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Requirements for the reporting on compliance, other matters (including abuse), and internal control over financial reporting; |
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Development of findings; |
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How to access the Yellow Book, related guidance documents, and where you can go to learn more; and |
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Hear about plans for a future revision to Government Auditing Standards later in 2011. |
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| This event will be Web-based. Therefore, you must have access to a computer to participate. Participants can earn up to 2 hours of continuing professional education (CPE) credit by registering using the CPE Credit Option (with a fee). As with past events, we are also offering a No CPE Option (with no fee). |
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| About the Presenters |
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Florence Ostrum, CPA, is a National Professional Standards Partner for Grant Thornton LLP and has been with the firm for 18 years. Flo began her career in the assurance department of the South Florida office of Grant Thornton where her expertise was in serving not-for-profit organizations (NFP) and governmental entities. Some of Flo's responsibilities to the NFP practice include developing and delivery of training, being a technical resource for NFP/Government questions, and representing the firm at regulatory roundtables and meetings. She is a former member of the AICPA State and Local Government Expert Panel.
Brian Schebler, CPA, is the National Director of Public Sector Services for McGladrey & Pullen, LLP. He primarily is responsible for the Firm's government, nonprofit, and compliance auditing approaches, as well as for the maintenance of its Government Industry Manual, Nonprofit Organizations Manual, Health Care Manual, and Compliance Audit Manual. Brian provides technical support to the Firm's professionals and is involved with the design and presentation of internal and external professional education courses. He is a member of the AICPA State and Local Government Expert Panel and a former member of the AICPA GAQC Executive Committee.
Moderator: Mary Foelster, CPA, is a Director at the AICPA where her primary responsibility is to address governmental auditing and accounting matters, including Yellow Book and compliance audits and related requirements. She oversees the activities of the GAQC and its Executive Committee and is also responsible for the State and Local Government Expert Panel. In addition to managing the activities of the Center and various technical projects, Mary is also responsible for monitoring and analyzing federal regulatory and legislative developments affecting auditing or accounting in governmental environment. |
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| How GAQC Members Can Register for the GAQC Web Event |
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Important Note on the Web-Based Format
This GAQC event will be Web-based. Therefore, all participants need to have access to a computer for the event. Once you register, instructions will be provided as the event draws closer on how to test your computer prior to the event to ensure you will be able to access it. If this Web-based format causes you a problem and you will not be able to participate via the Internet for some reason, please send an e-mail to the GAQC at gaqc@aicpa.org for further assistance or call 202-434-9207.
Instructions to Pre-Register for "CPE Credit Option"
TO RECEIVE CPE CREDIT YOU MUST FOLLOW THESE INSTRUCTIONS. To register for this Web event with the CPE Credit Option, click on the link below and you will be directed to the online registration page at the AICPA Store (CPA2BIZ). The registration fee is $54.00 per participant payable online by credit card only (no billing option is available). In accordance with CPE qualification standards, you must register before the event begins to receive CPE credit. No CPE will be available after the Web event has started or at any time after the live event. When using the CPE Option, there are no limits on the number of Web event registrants from each member firm or state audit organization (SAO), although each participant will be charged a registration fee. To ensure you receive CPE for this event, please complete your online registration by noon on Wednesday, February 9, 2011.
Click here to register for the February 9th GAQC Web event titled, The 2007 Yellow Book: What a Beginner Needs to Understand.
REGISTRATION CONFIRMATION AND WEB EVENT INSTRUCTIONS. Upon completing the online registration form you will receive a purchase confirmation e-mail from the AICPA Service Center (service@aicpa.org). A link to the Web event instructions and presentation materials will be sent a day prior to the event.
CPE CREDIT APPROVAL FORM. During the event, the moderator will announce four CPE program codes which participants must record on a CPE Credit Approval Form that will be sent to participants from the AICPA Service Center along with the event instructions. The presenter will also ask four polling questions during the course of the program. You will not have to record your responses to the polling questions but we will ask you to respond to them. After the event, participants should return the completed CPE Credit Approval Form to the AICPA Service Center (participants should also maintain a copy for their records.) If you have any problems registering for CPE for this event or questions about completing the CPE Credit Approval Form, please contact the AICPA Service Center at 1-888-777-7077, or by e-mail at service@aicpa.org.
Instructions for GAQC Members to Pre-Register for the "No CPE Option"
NO CPE CREDIT IS AVAILABLE FOR THIS REGISTRATION OPTION. There is no fee to participate using this option but CPE is not available. If using the No CPE Option, registration is generally limited to the firm's Designated Audit Quality Partner (DAQP) or SAO Designated Audit Quality Leader (DAQL) with responsibility for your governmental audit practice. You can register by sending an e-mail to GAQC@aicpa.org and providing your name, firm or SAO name, and the e-mail address you wish to receive the event access information. A confirmation e-mail will be sent to you on Tuesday, February 8th, that will include instructions to access the live Web event, a link to presentation slides, and any other materials you will need. If you wish to have other staff participate in the event, please invite them to participate with you during the presentation, but only the DAQP or DAQL should register. If you need additional Web access links, please send a request to GAQC@aicpa.org.
Archive Audio of the Web Event
If you or your staff is unable to attend the live Web event, we will be recording the audio and archiving it on the GAQC Web site within two weeks. No CPE will be available for listening to the archived event.
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| How Non-GAQC Members Can Register for the GAQC Web Event |
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Non-Members Registration Information
Because there are a number of firms that do not typically perform Yellow Book audits and, therefore, are not likely members of the GAQC, we have decided to open this Web event to non-members. If you have colleagues at other firms that have for-profit practices that might be dealing with some of the new for-profit audit requirements referred to in this GAQC Alert, please forward the Alert along to them. Non-GAQC members are being provided a CPE Option as follows: AICPA member rate: $79.00; Non-AICPA member rate: $89.00.
Non-GAQC members can register by using the following link:
Click here to register for the February 9th GAQC Web event titled, The 2007 Yellow Book: What a Beginner Needs to Understand.
As always, we hope you can join us for this important Web event. |
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Sincerely,
AICPA Governmental Audit Quality Center |
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| To stay abreast of these and other relevant events, visit the GAQC Web site at: gaqc.aicpa.org. Also, we welcome any suggestions or questions. Please send them by e-mail to GAQC@aicpa.org. |
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| GAQC members may only reproduce and distribute GAQC e-alerts internally within the firm or State Audit Organization to other Center member personnel as part of the organization's professional services. For information about permission to copy any part of these documents for redistribution or inclusion in other work, please click on the copyright notice at the bottom of the page or phone the AICPA copyright permission hotline 919-402-4031. |
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