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2011 Yellow Book Independence - Non Audit Services Documentation Practice Aid

Publisher: AICPA
Availability: Online Access
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2011 Yellow Book Independence—Nonaudit Services Documentation Practice Aid, will assist auditors performing audits in accordance with the 2011 revision to Government Auditing Standards (also referred to as the Yellow Book) issued by the Government Accountability Office in identifying and evaluating threats to independence for nonaudit services when considering whether to provide a nonaudit service. It will also assist auditors in applying the conceptual framework for independence contained in the 2011 Yellow Book (Yellow Book Conceptual Framework) and in complying with the Yellow Book’s independence documentation requirements, including the evaluation of management’s skills, knowledge, and experience.

Developed via a coordinated effort of the AICPA’s Governmental Audit Quality Center and the AICPA ethics and peer review teams, with practitioner and federal agency input, the practice aid will help auditors with audit engagements of all types and sizes. However, it highlights the following nonaudit services that are frequently performed for smaller entities:

  • Preparing financial statements
  • Preparing journal entries other than proposed audit entries
  • Preparing reconciliations

The remainder of the practice aid is full of valuable information for auditors to consider when going through this process. For example, detailed appendices are provided that include, among other things, real-life examples of actual non-audit service scenarios and how an auditor might respond to them. Additionally, the practice aid provides information on how an auditor might consider an auditee’s skills, knowledge, or experience, which is a requirement for every nonaudit service provided. Finally, an actual illustrative completed version of the template is provided.

Special Supplement!
Included with the practice aid is an electronic template that auditors can prepare and save to meet the Yellow Book documentation requirements when identifying and evaluating threats to independence relating to nonaudit services. That is, auditors can input their responses to various independence considerations outlined in the template for each engagement. The template can then be easily saved and used as part of the audit documentation.

Even though the 2011 Yellow Book is not effective for financial audits and attestation engagements performed until periods ending on or after December 15, 2012, auditors performing nonaudit services must be independent for the period covered by the financial statements. Therefore, auditors may be required to comply with the 2011 Yellow Book independence requirements for nonaudit services performed as early as January 1, 2012.

AICPA members can access the practice aid without the electronic supplement at no cost by clicking here to visit the Governmental Audit Quality Center (GAQC) on the AICPA Web site. You must be logged in to access the document.

Governmental Audit Quality Center members are eligible for an additional discount by using a promotion code provided by the GAQC. The code is to be entered towards the end of the purchase transaction and the discount will be applied to the transaction on the final purchase page.

This product is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Download page – expires 90 days from purchase date. Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at or call 888-777-7077.

On Demand 2012
Product# APAYBI12D
Availability: Online Access
AICPA Member:$29.00
Your Price:$39.00
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