Specialized Credits Frequently Asked Questions

CLE, CFP, Yellow Book, and others

Does the MNCPA apply for specialized credits (Continuing Legal Education, CFP®, etc.) for seminars and conferences?

The MNCPA does apply for some specialized credits for select seminars and conferences. Specific questions about specialized credits should be directed to the appropriate approving boards or bodies.

What are the GAO's Yellow Book CPE requirements?

These requirements are effective June 30, 2005, as outlined in the GAO’s Guidance on GAGAS Requirements for Continuing Professional Education.

Auditors performing work under GAGAS should complete every two years:

  • At least 80 hours of CPE that directly enhances the auditors’ professional proficiency to perform audits or attestation engagements, with a minimum of 20 hours in any one year of the two-year period
  • At least 24 of the 80 hours of CPE should be in subjects directly related to government auditing, the government environment, or the specific or unique environment in which the audited entity operates

EXCEPTION: Auditors performing work under GAGAS who are only involved in performing field work but are not involved in planning, directing, or reporting on the audit or attestation engagement, and who charge less than 20 percent of their time annually to GAGAS audits and attestation engagements, should complete every two years:

Can CPE taken on taxation subject matter be used to fulfill Yellow Book CPE requirements?

Effective January 1, 2004, the GAO has deleted taxation from the list of subjects that always satisfy the 80-hours every two years requirement.

Instruction in topics that may meet CPE requirements of licensing bodies or professional organizations no longer automatically satisfy the 80-hour CPE requirement. Any CPE for GAGAS must be in subjects that "directly enhance the auditor's professional proficiency to perform audits and/or attestation engagements."

Most tax services are not related to the subject matter of audits performed under GAGAS and therefore do not qualify for satisfying GAGAS requirements. There are some exceptions if taxation relates to an objective of an audit conducted under GAGAS. You must clearly document the rationale for including such taxation training as part of your GAGAS CPE requirement.