A single audit is comprised of an audit of financial statements performed under the Yellow Book and a compliance audit performed under OMB Circular A-133 (or the Uniform Guidance upon its effective date).
In this CPE course, learn how to avoid common audit deficiencies in your single audits using simulated case studies and practice exercises. Areas such as major program determination, drafting audit findings, and reporting on the compliance audit are examined through real life scenarios so that you can learn from common mistakes and spot deficiencies before it’s too late.
- Engagement letters
- Management representation letters
- Yellow Book continuing professional education
- The GAO and Independence
- Single audit or program-specific audit
- Major program determination
- Allowable costs
- Fraud risk factors
- Audit sampling
- Drafting findings
- Schedule of Federal Expenditures (SEFA)
When you complete this course, you will be able to:
Who Will Benefit?
- Identify common deficiencies in the use of engagement letters noted by peer reviewers.
- Describe the requirements of continuing professional education under the Yellow Book CPE rules and GAO guidance.
- Discern the GAGAS Independence Framework and issues.
- Enhance understanding of major program determination under OMB Circular A-133 using the risk-based approach.
- Identify how pressures on your clients relate to fraud risk factors.
- Simulate the process of drafting an audit finding in an OMB Circular A-133 compliance audit.
- Recognize auditee and auditor responsibilities related to the Schedule of Federal Expenditures (SEFA) and potential problem areas in SEFA presentation.
Auditors performing OMB Circular A-133 compliance audits and internal financial staff of government and not-for-profit entities
Prerequisite: Experience in Yellow Book and OMB Circular A-133 compliance auditing environment
Advanced Preparation: None