| Understanding the Changes to Yellow Book Independence |
Webcast Description:
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The most significant change made in the 2018 Yellow Book relates to its independence standards. The effective date of the 2018 Yellow Book’s financial audit, attestation, and review engagement standards is for periods ending on or after June 30, 2020. However, auditors who provide non-audit services need to be independent for the entire audit period. Therefore, those auditors will need to consider the auditor independence requirements of the 2018 Yellow Book prior to the effective date. For example, an auditor performing a June 30, 2020, financial statement audit under Government Auditing Standards will need to comply with the new independence requirements at the beginning of the audit period—that is, June 1, 2020.
The session will cover the following topics:
• An overview of the 2018 Yellow Book independence conceptual framework and related documentation requirements changes;
• An understanding of how the 2018 Yellow Book’s independence rules compare to the AICPA’s rules; and
• Resources for implementing the 2018 Yellow Book.
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