Applying the Uniform Guidance for Federal Awards in Your Single Audits
Description
Does a single audit have you running in circles? This course provides you with the knowledge to be more efficient and effective at planning and performing audits in accordance with the requirements of the Uniform Guidance for Federal Awards and the Single Audit Act. Make sure your skills are up-to-date with the latest information in this challenging audit area. Topics Discussed • Fundamentals of a single audit • Identifying federal assistance and determining major programs • Understanding, assessing and testing internal controls • Testing compliance with laws and regulations and applicable compliance requirements • Auditor’s reports • Program-specific audits • Audit tools and guidance
Learning Objectives
Recall the relationship of the Single Audit Act and the OMB Uniform Guidance for Federal Awards.
Identify fundamental auditee and auditor responsibilities related to a compliance audit of federal awards.
Recognize how major federal programs are determined.
Recall the requirements of the single audit as it relates to understanding internal controls, assessing the level of control risk, and testing the effectiveness of internal controls relative to federal awards.
Identify the single audit requirements for testing compliance with laws and regulations and the applicable compliance requirements relative to major federal programs.
Recognize reporting requirements.
Identify the audit and reporting requirements for program-specific audits.
Recall the types of guidance and requirements found in the Uniform Guidance, including cost principles for federal awards.
Major Topics
Fundamentals of a single audit
Identifying federal assistance and determining major programs
Understanding, assessing and testing internal controls
Testing compliance with laws and regulations and applicable
> compliance requirements
Auditor’s reports
Program-specific audits
Audit tools and guidance
Provider
AICPA
Course Level
Intermediate
CPE Field of Study
Auditing Governmental*
8.0
Who Should Attend
Auditors performing single audit engagements, internal financial staff of governments, and not-for-profit entities interacting with auditors
