Single Audits of Government-Funded Activities 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.

• 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

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