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 2011 revised 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
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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
