Performing a single audit
Exploring various topics related to single audits will give you the knowledge you need to perform these engagements skillfully.
You can learn about:
Major program determination Pass-through entity responsibilities SEFA requirements The Compliance Supplement requirements The administrative requirements and cost principles found in the Uniform Guidance
Uniform Guidance compliance audit basics
Prepare for compliance audit engagements by gaining an understanding of the Uniform Guidance basics, such as:
Requirements overview Applying GAAS and the Yellow Book to compliance audits Entities that must undergo this type of engagement
Federal awards decoded
Learn about different types of federal awards, along with audit implications for a recipient or subrecipient. Federal award topics covered include:
Becoming aware of the SEFA Major program determination
Testing and reporting responsibilities
Understand your responsibilities related to testing and reporting by examining:
Testing internal control over compliance Testing compliance Writing an audit finding
Learning Objectives
- Identify what a single audit encompasses.
- Identify key auditee and auditor responsibilities in the compliance audit of federal awards.
- Identify the basic audit requirements in a Uniform Guidance compliance audit.
- Identify the responsibilities of a pass-through entity.
- Identify the auditor and auditee responsibilities related to the schedule of expenditures of federal awards (SEFA).
- Identify the auditor and auditee responsibilities related to internal control over compliance related to federal awards.
- Recognize key considerations when sampling in a Uniform Guidance compliance audit.
- Recognize the auditor’s reports required by the Uniform Guidance.
Major Topics
- Fundamentals of a compliance audit performed under the Uniform Guidance
- Identifying federal awards and major programs
- Pass-through entities and subrecipients
- Schedule of expenditure of federal awards (SEFA)
- Using the compliance supplement
- Uniform Guidance administrative requirements and cost principles
- Testing internal control over compliance
- Writing an audit finding and reporting requirements of a single audit
