To equip CPAs and other finance professionals with the knowledge and tools to effectively conduct single audits in accordance with current government standards and regulations.

• 2024 revisions to the Yellow Book of government auditing standards
• Auditor independence requirements and overarching principles
• Differentiating among recipients, subrecipients and contractors
• Responsibility for reporting fraud and illegal acts
• Evaluating internal controls and internal control structure
• Uniform Guidance: allowed vs. unallowed costs
• Monitoring and managing subrecipients
• Determining major programs using risk analysis
• Report content and filing requirements, including the Schedule of Expenditures of Federal Awards (SEFA)
• Sampling, testing and reporting
• How to use the compliance supplement effectively
   

To equip CPAs and other finance professionals with the knowledge and tools to effectively conduct single audits in accordance with current government standards and regulations.

DETAILED LEARNING OBJECTIVES

• 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

• 2024 revisions to the Yellow Book of government auditing standards
• Auditor independence requirements and overarching principles
• Differentiating among recipients, subrecipients and contractors
• Responsibility for reporting fraud and illegal acts
• Evaluating internal controls and internal control structure
• Uniform Guidance: allowed vs. unallowed costs
• Monitoring and managing subrecipients
• Determining major programs using risk analysis
• Report content and filing requirements, including the Schedule of Expenditures of Federal Awards (SEFA)
• Sampling, testing and reporting
• How to use the compliance supplement effectively