Single Audits of Government-Funded Activities Self-Study Webinar (11 Hours)

Overview: 

Auditors and finance personnel of government and not-for-profit organizations need a practical approach for reporting on single audits. This targeted, self-study webinar 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: 
  • The “Omni” Circular (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards)
  • Auditor independence, including the most recent independence rules
  • Who is subject to a Single Audit
  • Dealing with multiple entities and consolidations
  • Differentiating among recipients, subrecipients and vendors
  • Responsibility for detecting fraud
  • Evaluating internal controls and internal control structure
  • Sampling and testing
  • Auditing clusters
  • Monitoring subrecipients
  • Determining major programs using risk analysis
  • Report content and filing requirements, including the Schedule of Expenditures of Federal Awards (SEFA)
  • Results of the National Audit Sampling Project
  • Annual Compliance Supplement
  • Impacts of COVID-19 on reporting

Identify the audit risk area unique to nonprofits

Identify the activities that would taint an auditor’s independence towards a nonprofit

Identify the role of the Yellow Book

Recognize the professional standards incorporated within GAGAS

Recognize the role of GAGAS within an attestation engagement

Recognize GAGAS CPE requirements

Identify key changes made in the most recent revisions to the Yellow Book

Identify GAGAS quality control and peer review requirements within the Yellow Book

Identify the goal of peer review

Recognize waste versus abuse within a Single Audit

Identify the characteristic most identified with independence

Identify examples of specific threats to independence

Identify the role of non-audit services in the context of an auditor’s independence

Recognize the professional standards applicable to Single Audits

Recognize the objectives of the OMB’s Uniform Guidance

Identify the accounting treatment of non-anticipated program income under the Uniform Guidance

Recognize the requirements for allowable costs

Identify those major programs that the auditor must, at a minimum, audit

Identify the coverage rule for high-risk and low-risk auditees

Identify the current Type A threshold for Single Audits

Recognize the threshold for a Type A program to be considered low- risk

Recognize the threshold for a program to be considered a “large” loan program

Identify the significance of the determination of a “large” loan program

Identify the threshold for a risk assessment on Type B programs

Identify likely communications with the cognizant or oversight agency for audit

Recognize the grant recipient’s timeline for submission of the Single Audit Report

Recognize the mandatory components of the auditor’s Single Audit reports

Identify the role of the Schedule of Expenditures of Federal Awards (SEFA)

Identify the auditee’s responsibility in regards to audit findings

Recognize Single Audit work paper retention requirements

Identify specified components of the Compliance Supplement
 

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Price: 
$199.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
11.00
NASBA Field of Study: 
Auditing