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, and Uniform Guidance
- Understand appropriate rules and regulations
- Review relevant accounting and auditing guidance
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.
- Uniform Guidance
- Auditor independence, including the most recent independence rules
- Who is subject to a Single Audit
- Differentiating among recipients, subrecipients and contractors
- Responsibility for detecting fraud
- Evaluating internal controls and internal control structure
- Sampling and testing
- Monitoring subrecipients
- Determining major programs using risk analysis
- Report content and filing requirements, including the Schedule of Expenditures of Federal Awards (SEFA)
- Annual Compliance Supplement
- Impacts of COVID-19 on reporting
• Identify the entity responsible for the promulgation of Government Auditing Standards (GAS)
• Identify the professional standards applicable to Single Audits
• Recognize the current monetary threshold for receipt of federal funds that fall under the Single Audit requirement
• Recognize the components of a Single Audit
• Recognize the AICPA standards incorporated into GAGAS
• Identify the mandatory vs. best practice language used in the Yellow Book
• Recognize activities likely to taint an auditor’s independence towards an auditee
• Recognize the core concern with the performance of attest services for non-attest clients
• Identify the CPE requirements under GAGAS
• Identify the frequency with which Yellow Book auditors must undergo an external peer review
• Recognize the internal control responsibilities of the non-Federal entity under the OMB’s Uniform Guidance
• Recognize the accounting treatment of program income under the Uniform Guidance
• Identify the Uniform Guidance general procurement standards that federal award recipients must adhere to
• Recognize the current Uniform Guidance micro-purchase threshold
• Recognize the primary characteristics of the Schedule of Expenditures of Federal Awards (SEFA)
• Recognize the terminology used to identify a grouping of closely related programs that share common compliance requirements
• Identify the percent of coverage rule for both low-risk and high-risk auditees
• Identify the metrics applicable to a “large” loan program
• Identify the audit implication of a program being identified as a large loan program
• Recognize the significance of the determination of a “major program” per the Uniform Guidance
• Identify the grant recipient’s deadline for the submission of the Single Audit Report and the data collection form (Form SF-FAC)
• Identify the Single Audit work paper retention requirements
• Recognize specified elements of the Uniform Guidance Compliance Supplement