Update on the developments in government auditing standards. This course not only explains the new financial auditing standards, it also. Fulfill your 24hour yellow book requirement for one low price with surgents self study yellow book package. Yellow book cpe requirements a summary cpa hall talk. Gao has posted an alert that provides more information on the various flexibilities to help auditors meet their cpe requirements. There are important new regulations that auditors who perform audits. However, beginning on january 1, 2020, new licensed cpas will be subject to the same cpe requirements as other cpas. You could just stay up for one whole day and take care of it. Pes offers a wide selection of cpa cpe courses in easy and flexible formats. Below we will address 1 who is subject to the yellow book cpe requirements and 2 what cpe classes satisfy those requirements. View cpe requirements information for eas, cfps and all other designations by clicking here.
Is it time for you to know the yellow book really know it. Those who were following the yellow book exposure draft should be aware that the proposed requirement to take four hours of gasspecific cpe was not included in the finalized 2018 yellow book. However, the gao did add application guidance that emphasizes the need to obtain gagasspecific cpe especially when there. The new yellow book is effective for audits of financial statements for periods ending on or after june 30, 2020.
Hours carried forward from the previous reporting period may not be used to meet the minimum annual. License renewal date 930 annually cpe reporting period 101 to 930 annually general requirement 40 hours ethics requirement none other. The generally accepted government auditing standards, also known as the. Surgents selfstudy yellow book package cpe for cpas. Continuing professional education cpe cpe is required for cpas to maintain their professional competence and provide quality professional services. What are the requirements for yellow book continuing professional education cpe.
These requirements are outlined in the gaos guidance on gagas requirements for continuing professional education. Yellowbook is where government auditors get their cpe. Auditors performing work under the gaos government auditing standards are required to. Governmental auditing, these learning resources are designed to help cpas understand the knowledge and skills necessary to perform high. Click to view cpe requirement information for puerto rico order 24 hoursaday 1. The boards of directors for the national association of state boards of accountancy nasba and the aicpa have created and maintained a statement on. The 80hour requirement applies to auditors assigned to planning, directing, performing field work, or reporting on gagas audits or attestation engagements should meet both the 80hour and the 24 hour. Cpe stands for continuing professional education, by the way. One yellow book hour 50 minutes equivalent to a cpe hour. If the licensee chooses the 24hours concentration in taxation.
While the expanded cpe recognition qualifies for illinois state licensure, it does not qualify for the 24 or 80hour cpe requirements of government auditing standards i. Standards, often referred to as the yellow book or. Cpe standards are established jointly by the aicpa and nasba the national. These 4 credits of ethics may be counted toward your 24 or 40 cpe credits in the calendar year that you actually complete the ethics course. At least 24 of the required 80 hours of cpe shall be completed in each year of the renewal period.
Cpa continuing professional education requirements cpa. Please use this link to find the most current list of board approved washington state ethics providers. Tom wolf suspended restrictions that limited the ability of licensees to take classes online or participate in distancelearning opportunities for the current biennial renewal period. The 2018 yellow book provides slight relief from the cpe.
Please select a location below to find local business information in your area. Catch up on the latest developments in accounting and auditing for state and local governments and notforprofits in a powerpacked fourhour session. The yellow book cpe requirement is 24 hours of cpe every two years. Use credit search for a list of courses which qualify. The basic continuing professional education cpe requirement to reobtain or renew an ohio permit is 120 credits over a threeyear period, to include three 3 credits of board approved professional.
To simplify administration of the cpe requirements, an audit organization may establish a standard twoyear period for all its auditors, which can be on either a fixedyear or rollingyear basis. Fulfill your 24hour yellow book requirement for one low price with surgents selfstudy yellow book package. For details on the yellow book cpe requirements go to. Yellow book continuing education requirements are governed by the u. Accounting and auditing effective july 1, 1998 accty. At pes, you choose when, where and how to take your continuing professional education with quality cpe. The cpe hour requirement stays the same at 24 and 56. Given concerns raised about auditors ability to complete continuing professional education cpe requirements due to the covid19 pandemic, gao has taken steps to allow for more time and flexibility to complete such requirements. One of the toughest aspects of doing a yellow book audit is complying with the yellow book cpe requirements. If you are a licensed cpa or pa who performs accounting, tax, financial advisory or management advisory services in new york state, for private industry, government agencies, public accounting firms, notfor. Cpe requirements the new york state society of cpas. For those subject to the 80 hour rule, at least 20 hours of cpe should be taken in each year of the twoyear period.
For more information on yellow book requirements, please go to gao. Auditors may not carry over cpe hours earned in excess of the. Icai has revised increased the cpe hours requirements for members based on their age, cop holding, residential status, etc revised requirements of cpe hours are applicable for the current. Similar to the 2011 yellow book, cpe requirements are. What you need to know september 25, 2018 governmental audit. For details on the yellow book cpe requirements go to gao. Cpe hours subject matter categories of cpe 24 hours subject matter directly related to the government environment, government auditing, or the specific or unique environment in which the audited entity operates 56 hours subject matter that directly enhances auditors professional expertise to conduct engagement similar to requirements of 2011. At least 24 hours of cpe in subjects and topics directly related to the government auditing, the government environment, or the specific. Yellowbook is registered with the national association of state boards of accountancy. Application guidance provides examples of the types of topics that.
And the requirements are a little bit involved so involved that the gao dedicated 17 pages. There is no formal preapproval process for the mncpa or any other sponsor to qualify a course for yellow book credit. This 4hour requirement is a subset of the 24hour cpe requirement and needs to be completed each time a gagas revision is issued. At least 24 of the 80 hours of cpe should be in subjects directly related to. Let leita be your guide as she converts the gao s government auditing standards into plain english and helps you apply its unique. Exempts from cpe nonsupervisory auditors who charge less. Each auditor performing work in accordance with gagas should complete. The 80 hour rule every two years the 24 hour rule every two years then you must answer. The 80 and 24hour requirements are the minimum numbers of cpe hours that auditors should complete for each 2year measurement period. Cpe in the specialist area of specializations qualifies under the 24 hour cpe requirement that directly relates to government. There are important new regulations that auditors who perform audits under. License renewal date 1231 of odd years cpe reporting.