Audit Practice Tools & Aids

    Audit Practice Tools and Aids 

    The Governmental Audit Quality Center (GAQC) is committed to helping your firm ensure the quality of its governmental audit practice.  The collection of tools and aids below are designed to do just that. Categories of information include items to assist with your firm’s quality control, a collection of relevant articles, useful web site links, and governance issuances.

    Single Audit Practice Aids
    This is a collection of Practice Aids developed by the GAQC as well as other tools and resources auditors can refer to in order to enhance single audit quality.

    Government Auditing Standards (Yellow Book) Tools and Aids
    This is a collection of Practice Aids and tools designed to help auditors maintain or improve the quality of their Yellow Book audit engagements.

    For-Profit Compliance Audit Information
    This is a summary of the various federal audit and attestation guides applicable to for-profit entities, as well as links to where auditees and auditors can find them.  The summary also includes other information that the GAQC is aware of relating to each federal guide and other pertinent information.  

    Governmental Audit Quality Article Collection
    This collection includes various articles written by AICPA staff, GAQC Members, and others containing valuable information related to governmental audit quality.

    Flowcharts and Illustrations
    This is a collection of flowcharts and illustrations to help members with various aspects of governmental auditing.

    Useful Web Site Links
    This section includes a compilation of Web sites useful to auditors performing governmental audits.

    Quality Control

    Tips for Getting Through a Quality Control Review (a Non-Authoritative Practice Aid): Office of Management and Budget requires that cognizant federal agencies for audit (as defined in Circular A-133) shall conduct or obtain quality control reviews of selected single audits. Quality control reviews (QCRs) typically involve an examination of the auditor’s work by a federal Office of Inspector General (OIG). Because of the prevalence of QCRs in the current governmental audit environment, the GAQC Executive Committee is providing member firms with tips on navigating through the QCR process.


    The Council of the Inspectors General on Integrity and Efficiency (CIGIE) published two guides in 2010 that are used by federal agencies when reviewing single audits. They are as follows: Guide for Quality Control Reviews of OMB Circular A-133 Audits, and Guide for Desk Reviews of OMB Circular A-133 Audit Reports. Your firm should consider using these guides as part of your Inspection and Quality Control Programs. Taking this step may help you improve the quality of your governmental audit and attestation engagements.

    Establishing and Maintaining a System of Quality Control for a CPA Firm's Accounting and Auditing Practice is intended to help practitioners better understand and apply Statement on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control (Redrafted) (AICPA, Professional Standards, QC sec. 10). SQCS No. 8 is included as appendix A of this Practice Aid.. 

    Peer Review Checklists: The AICPA also issues various not-for-profit and governmental related peer review checklists that are available for your use to help improve audit quality.

    Governance-Related Issuances

    The Audit Committee Toolkit: Government Organizations and the Audit Committee Toolkit: Not-for-Profit Organizations were developed to help audit committees at all levels of government and not-for-profit organizations discharge their responsibilities appropriately and effectively. While intended for audit committees of governmental and not-for-profit organizations and management of those organizations, auditors may find the Toolkits useful in discussing governance issues with their clients. The AICPA Audit Committee Effectiveness Center contains additional an additional Toolkit for Corporations. 

    The Audit Committee Matching System (ACMS) was created in response to the continued interest in strong corporate governance and the need at public companies, privately-held companies, not-for-profit, and government organizations to include people on their boards and audit committees that have expertise in financial matters. ACMS is available to AICPA members to register their willingness to be part of an audit committee and to organizations searching for a qualified person to serve on its board or audit committee.

     

     

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    Single Audit Practice Aids

    Checklist The AICPA’s GAQC developed a series of practice aids to assist auditors in improving quality of audits performed under Circular A-133.
    Published on July 21, 2014

    Peer Review Yellow Book Guidance

    Guidance Peer review guidance approved at the May 2013 AICPA Peer Review Board meeting.  The information provides guidance on evaluating a firm's compliance with the 2011 Yellow Book Independence Requirements Related to Nonaudit Services.
    Published on May 23, 2014

    Useful Web Site Links

    Link This section includes a compilation of Web sites useful to auditors performing governmental audits.
    Published on May 19, 2014

    Peer Review Checklists

    Article Includes various Not-for-Profit and Governmental related Peer Review checklists published by the AICPA and available for your use to help improve audit quality.
    Published on April 04, 2014

    Other Compliance Audit Information Relating to For-Profits

    Overview This is a summary of the various federal audit and attestation guides applicable to for-profit entities, as well as links to where auditees and auditors can find them.
    Published on February 24, 2014

    Controls Overview Document Narrative

    Practice Aid Practice aid to illustrate how an auditor might document the audit work associated with internal control over compliance.
    Published on January 27, 2014

    2011 Yellow Book Independence - Non audit Services Documentation Practice Aid PDF

    Practice Aid This practice aid will assist auditors performing audits in accordance with the 2011 revision to Government Auditing Standards (the 2011 Yellow Book) issued by the Government Accountability Office (GAO) in identifying and evaluating threats to independence for nonaudit services when considering whether to provide a nonaudit service.
    Published on November 26, 2013

    Governmental Audit Quality Article Collection

    Overview Various articles written by AICPA Staff, GAQC Members, and others containing valuable information related to governmental audit quality.
    Published on July 23, 2013

    Major Program Risk Matrix Practice Aid

    Practice Aid This practice aid provides auditors with a template to illustrate how they might document which of the 14 types of compliance requirements ultimately will be subject to audit for each major program.
    Published on July 23, 2013

    OCBOA and Supplementary Information

    Article An article which discusses the reasons that auditors should no longer consider and report on information such as MD&A or budgetary comparison information as RSI when it is included in an OCBOA presentation.
    Published on May 08, 2013

    Flowcharts and Illustrations

    Practice Aid This is a collection of flowcharts and illustrations to help members with various aspects of governmental auditing.
    Published on May 08, 2013

    Compliance Auditing and Attestation Engagements Related to For-Profit Entities

    Article There has been significant activity by federal agencies in establishing or updating compliance audit or attestation requirements relating to for-profit entities participating in federal programs. This article discusses some of the unique issues associated with such engagements.
    Published on May 08, 2013

    Auditor Involvement with Municipal Securities Filings

    Article The heightened focus on municipal securities activities merits a refresher on the factors that involve an auditor with a government’s official statement and the related responsibilities once there is involvement.
    Published on May 03, 2013

    Auditor Involvement with Municipal Securities

    Article The heightened focus on municipal securities activities merits a refresher on the factors that involve an auditor with a government’s official statement and the related responsibilities.
    Published on April 23, 2013

    Federal Agency Requests for Auditor Certifications

    Article This article reminds auditors to not sign a certification statement stating that the entity has appropriate controls or financial systems to administer federal programs unless the auditor  have performed an appropriate engagement under professional standards.
    Published on April 10, 2013

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