Single Audits of Government-Funded Activities Self-Study Webinar

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