As part of your audit firm\'s quality control policies, it maintains a record of

Question

As part of your audit firm's quality control policies, it maintains a record of continuing profession education (CPE) taken by professional staff members. Following is information on some of the classes, sessions, workshops, and conferences that the auditors of your firm have attended in the past year. Required Determine whether the classes, sessions, workshops, and conferences attended by the auditors could be used to meet the GAGAS requirement that auditors eam 24 hours of CPE in government-related areas every two years. Access the GAO guide entitled Government Auditing Standards: Guidance on GAGAS Requirements for Continuing Professional Education at the GAO Web site to perform research. For each of the following item, indicate whether its qualifies or Does not qualify of current revenues and three year projections of revenues for 1. A session dealing with the source the state. 2. A conference on estate planning. 3. A workshop on partnerships between governments, businesses, and citizens. 4. A session on updates to Government Auditing Standards 5. A session on conducting external quality control reviews. 6. An online "Principles of Accounting" course. 7. A workshop on "Federal Grant Administration. 8. A session on GASB's pension standard. 9. A conference on "Helping Individuals Meet Their Long-term Financial Goals" (a financial planning conference). 10. A session on problems associated with implementing a balanced scorecard approach to performance measurement. Does not qualify Qualify

Explanation / Answer

SNO Qualify (Q) / Does not Qualify (D)    Reason 1 Qualifies Refer Section 19 of Govt. Auditing Standards, Guidance on GAGAS 2 Does not qualify This does not qualify as CPE for purposes of satisfying requirements under the 2003 revision of GAGAS 3 Qualifies Refer Section 18 of Govt. Auditing Standards, Guidance on GAGAS 4. Qualifies Refer Section 19 of Govt. Auditing Standards, Guidance on GAGAS 5 Does not Qualify Refer Section 24 of Govt. Auditing Standards, Guidance on GAGAS. It is mentioned it does not qualify 6 Qualifies As per Section 18, this training directly enhance the auditors’ professional proficiency to perform audits or attestation 7 Qualifies As per Section 18, Grant management qualifies as acceptable CPE under category of studying of Govt. issues 8 Qualifies As per Section 18, study of pension and other employee benefits qualifies for CPE 9 Does not Qualify personal financial planning is not covered as part of CPE. 10 Qualifies As per Section 19 , performance results, measurement, and management is an acceptable subject for CPE

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