Early Bird Fees (through 10/29)
After 10/29, add $50 to your fee.
CPE: 8 hours
Prerequisites: Experience in Yellow Book and OMB environment
Advanced prep: None
Who should attend: Auditors performing single audits and internal financial staff of governmental and not-for-profit entities
Note: Qualifies for Yellow Book
The AICPA Professional Ethics Division, Most Frequent Violations of Professional Standards Government and Not-for-Profit Investigation, reveals significant issues in single audits and Yellow Book engagements, including deficiencies in audit procedures performed, auditor’s reporting, and financial statement deficiencies.
In this course, learn how to avoid common deficiencies found in single audits and Yellow Book engagements using simulated case studies and practice exercises with lessons for today’s issues. These case studies and practice exercises are based on the Yellow Book and the Uniform Guidance for Federal Awards. They will assist you in avoiding common mistakes and recognizing deficiencies before it’s too late.
• Identify common deficiencies in the use of engagement letters.
• Describe the requirements of continuing professional education under the Yellow Book CPE rules and GAO guidance.
• Discern the GAGAS Independence Framework and issues.
• Enhance understanding of major program determination.
• Simulate the process of drafting an audit finding.
• Recognize auditee and auditor responsibilities related to the Schedule of Federal Expenditures (SEFA) and potential problem areas in SEFA presentation.
• Describe the reporting requirements of a single audit.
• Engagement letters
• Management representation letters
• Yellow Book continuing professional education
• The GAO and Independence
• Major program determination
• Fraud risk factors
• Audit sampling
• Drafting findings
• Schedule of Federal Expenditures (SEFA)
• Reporting requirements