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:
- 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
