Single Audits of Government-Funded Activities

Overview: 

Auditors and finance personnel of government and not-for-profit organizations need a practical approach for reporting on single audits. This targeted, one-day seminar will provide you with a framework for this process. You will:

  • Learn how to comply with the Single Audit Act, the Yellow Book, OMB circulars and GAO standards
  • Understand appropriate rules and regulations
  • Review relevant accounting and auditing guidance
Objective: 

To provide financial professionals who serve or audit government and not-for-profit organizations with a systematic approach to reporting on single audits. You will learn about the roles and responsibilities associated with single audits and how to comply with all relevant rules and regulations.

Emphasis: 
  • Auditor independence, including the new independence rules
  • Who is subject to a single audit
  • Dealing with multiple entities and consolidations
  • Differentiating between subrecipients and vendors
  • Responsibility for detecting fraud
  • Internal control structure evaluation
    – Sampling and testing
    – Auditing clusters
  • Requirements for monitoring subrecipients
  • Determining major programs using risk analysis
  • Report content and filing requirements
  • Results of National Audit Sampling Project
  • Annual Compliance Supplement
  • Revisions to OMB circulars
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Auditing