Addressing Single Audit Quality In A Covid-19 Era

Learning Objectives

• To identify key considerations for conducting an effective single audit from planning to performance and through wrap up
• To review the impacts of COVID-19 on efficiencies and effectiveness
• To gain a familiarity with the 2020 Compliance Supplement and Addendum

Course Description

In the United States, the Single Audit, Subpart F of the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of federal assistance (commonly known as federal funds, federal grants, or Federal awards) received for its operations. Usually performed annually, the Single Audit's objective is to provide assurance to the US federal government as to the management and use of such funds by recipients such as states, cities, universities, non-profit organizations, and Indian Tribes. The audit encompasses both financial and compliance components. 

COVID-19 has had an impact worldwide, and Single Audits are not any different.  From new government funding to Addendums to the Compliance Supplement and the added challenge of working in more remote setting, adhering to audit quality on Single Audits is more of a challenge now than ever before.  

Key topics: 

In this CPE webinar, Megan will walk through the following: 

• The effect of the pandemic on single audits
• The key changes and important updates from the compliance supplement addendum 
• Address how to ensure your Single Audits are able to be both Efficient and Effective amidst the COVID-19 pandemic. 

Who should attend:

This CPE webinar is suitable for an independent certified public accountant (CPA) who are new to Single Audit or who undertake Single Audit tasks currently and want to update their knowledge and skills. 

Overview

• A Quick History

  5 mins
• Common Findings on Single Audits

  12 mins
• Documentation

  45 mins
• Competence

  70 mins
• OMB 2020 Compliance Supplement Addendum

  94 mins
• Challenges to Single Audit Presented by COVID-19

  111 mins
• Covid-19 Challenges - Testing

  141 mins
• Planning and Risk Assessment

  172 mins