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 AICPA as the issuer of generally accepted auditing standards for nonissuer audits

• Identify the GAO as the issuer of Government Auditing Standards

• Identify the year the original Single Audit Act was enacted

• Identify the professional standards and Federal requirements applicable to Single Audits

• Identify the Federal expenditure threshold that triggers Single Audit requirements

• Identify the financial statement and major program compliance components of a Single Audit

• Identify engagement types covered by GAGAS

• Recognize the AICPA standards incorporated into GAGAS

• Recognize the auditor’s responsibility to serve the public interest

• Identify the terminology used for unconditional Yellow Book requirements

• Recognize reasonable assurance as the financial statement audit assurance level

• Identify the shift to risk-based quality management in the 2024 Yellow Book

• Distinguish substantive management or governance roles from honorary positions when assessing independence

• Recognize the independence threat associated with preparing an audit client’s financial statements

• Identify objectivity and independence concerns arising from nonaudit services for audit clients

• Identify the government-related subject matter component of GAGAS continuing education

• Recognize biennial and annual GAGAS continuing education requirements

• Identify the external peer review frequency for GAGAS audit organizations

• Recognize waste in the government auditing context

• Recognize the relationship between independence and objectivity

• Identify potential self-review threats arising from nonaudit services

• Recognize intimidation as an undue influence threat

• Identify assuming management responsibilities as an activity that impairs independence

• Identify responsibilities of a cognizant agency for audit

• Identify recipient and subrecipient internal control responsibilities

• Identify when the deduction method generally applies to program income

• Identify requirements for documented procurement procedures

• Identify the current general Federal micro-purchase threshold

• Identify the maximum micro-purchase threshold eligible entities may annually self certify

• Distinguish simplified acquisitions from micro-purchases and formal procurement

• Identify sealed bids and proposals as formal procurement methods

• Identify the maximum optional de minimis indirect cost rate

• Identify the entities and Federal expenditures covered by the Single Audit Act

• Recognize when recipients and subrecipients are subject to Single Audit requirements

• Identify the purpose and responsibility for preparing the SEFA

• Distinguish Federal award expenditures included on the SEFA from excluded PPP loans

• Recognize a cluster as a grouping of closely related Federal programs

• Identify the major-program coverage percentage for low-risk auditees

• Identify the major-program coverage percentage for auditees that do not qualify as low risk

• Identify the expenditure comparison used to determine a large loan program

• Recognize the effect of large loan programs on Type A program determination

• Identify the questioned-cost threshold used in assessing Type A program risk

• Identify the Type B program size threshold for required risk assessment

• Recognize major programs as programs selected for compliance audit

• Identify the minimum requirements for selecting major programs

• Identify the deadline for submitting the Single Audit reporting package and data collection form

• Identify the required Single Audit reports

• Recognize the auditee’s responsibility for corrective action plans

• Identify the Uniform Guidance minimum audit documentation retention period

• Recognize the annual publication cycle of the Compliance Supplement

• Recognize that a cluster is treated as one program for Single Audit purposes

• Identify objectives of internal control over Federal award compliance

• Distinguish recommended framework alignment from mandatory internal control responsibilities

• Identify the information provided by Parts 3 and 4 of the Compliance Supplement

• Recognize that random and systematic sampling may be statistical or nonstatistical

• 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