CPE: 8 hours
Category: Government & Nonprofit
Prerequisite: Background of not-for-profit or governmental accounting and auditing
Advanced prep: None
Who should attend: Auditors with single engagements, staff of gov'ts,/not-for-profit entities interacting with auditors
Yellow Book: Yes
Does a single audit have you running in circles? This course provides you with the knowledge to be more efficient and effective at planning and performing audits in accordance with the requirements of the Uniform Guidance for Federal Awards and the Single Audit Act. Make sure your skills are up-to-date with the latest information in this challenging audit area.
When you complete this course you will be able to:
Understand the relationship of the Single Audit Act and the OMB Uniform Guidance for Federal Awards.
Identify fundamental auditee and auditor responsibilities related to a compliance audit of federal awards.
Obtain a thorough understanding of the Schedule of Expenditures of Federal Awards (SEFA).
Gain a working knowledge of how major federal programs are determined.
Be familiar with the requirements of the single audit as it relates to understanding internal controls, assessing the level of control risk, and
testing the effectiveness of internal controls relative to federal awards.
Identify the single audit requirements for testing compliance with laws and regulations and the applicable compliance requirements relative to major
Be familiar with the reporting requirements.
Identify the audit requirements for program-specific audits.
Identify the reporting requirements for program-specific audits.
Fundamentals of a single audit
Identifying federal assistance and determining major programs
Understanding, assessing and testing internal controls
Testing compliance with laws and regulations and applicable
Audit tools and guidance