The New Yellow Book

Chapter 8Fieldwork Standards for Performance Audits

Learning objectives

• Recall key categories of performance audit objectives under generally accepted government auditing standards (GAGAS or the Yellow Book).
• Recognize three concepts related to the application of fieldwork standards in performance audits.
• Identify the 2018 Yellow Book fieldwork requirements for performance audits.

Introduction

Chapter 8 of the 2018 Yellow Book contains fieldwork requirements and guidance to assist auditors in conducting performance audits in accordance with GAGAS. This is necessary because performance audits differ from audits and reviews of financial statements and from attestation engagements and thus, are not encompassed in any of the AICPA auditing, review or attestation standards, though an auditor may choose to follow them if desired. The purpose of the GAGAS fieldwork requirements is to provide an overall approach for auditors to apply in obtaining reasonable assurance that the evidence is sufficient and appropriate to support the auditors’ findings and conclusions based on the audit objectives. For performance audits conducted in accordance with GAGAS, the requirements and guidance in chapters 1-5, 8 and 9 of the 2018 Yellow Book apply.

This chapter presents the requirements related to fieldwork standards for performance audits. The concepts of evidence, significance, and audit risk form a framework for applying the requirements found in Chapter 8 of GAGAS. Some of those requirements, ...