Single Audit Pandemic Aid And Major Program Determinations

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Single Audit Pandemic Aid And Major Program Determinations

Reviewed

February, 2024

Michel Morley

Learning Objectives

To explore the reasons for strict controls on audit procedures.
To identify this risk laden area for compliance under the Uniform Guidance.
To review the Single Audit Act updates.
To examine control system and legal compliance audit items.
Reporting - audit opinion preparation best practices
To explore disclosure requirements.

Course Description

The Federal government relies on the opinion of an independent outside auditor to make their economic decisions to invest/lend taxpayer money. The new Uniform Guidance changes the audit requirements for single audits along with more complex compliance control and testing needs.

Auditors have a duty to express their view as to whether the beneficiaries of the program comply with the requirements of the program.

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 received for its operations.

The following Major Topics are covered in this specialized Auditing webinar

Effective dates of the Uniform Guidance.
Scope of a Single Audit.
Revised requirements of the Schedule of Expenditures of Federal Awards.
Guidelines for auditors to choose major programs to review.
High-risk vs. low-risk determination.
Changes to the major program risk assessment criteria.
Testing internal controls over compliance.
Details of Office of Management and Budget (OMB)’s Compliance Supplement.
Slight revisions of Auditor report language.
Older awards vs. newer awards control requirements.

Overview

what is the Single Audit Act of 1996?

5 mins
why is it called "single" Audit Act of 1996?

19 mins
What is a single audit?

24 mins
what is a risk assessment?

40 mins
Consequences of Unsuccessful audit

51 mins
Pandemic extensions

77 mins

Webinar Qualifies For

1.5 CPE Credit of Auditing (Govt.) for Certified Public Accountants (CPA-US)
1.5 General Credit of Auditing (Govt.) for Accountant/Bookkeeper/Tax Professionals
1.5 CPE Credit of Accounting & Auditing (Govt.) for Certified Internal Auditors (CIA)
1.5 CPE Credit of Accounting & Auditing (Govt.) for Certification in Risk Management Assurance (CRMA)
1.5 CPE Credit of Accounting & Auditing (Govt.) for Certified Government Financial Manager (CGFM)
1.5 CPE Credit of Accounting & Auditing (Govt.) for Certified Government Auditing Professional (CGAP)
1.5 CPE Credit of Accounting & Auditing (Govt.) for Internal Audit Practitioner (IAP)
1.5 CPE Credit for Certified Internal Controls Auditor (CICA)
1.5 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1.5 CPE Credit of Auditing (Govt.) for Iowa Licensed Public Accountant (IA-LPA)
1.5 CPE Credit of Auditing (Govt.) for Maine Licensed Public Accountant (ME-LPA)
1.5 CPE Credit of Auditing (Govt.) for Delaware Licensed Public Accountant (DE-LPA)
1.5 CPE Credit for Certified Controls Specialist (CCS)

About Instructor

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Additional Information

Duration

1.5 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4

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Very Good

Average

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Terrible

Brian Conway,

The webinar was by far better compared to most I have attended. The presenter was well prepared and fluent on the subject matter. I would not mind attending a longer webinar session by such a knowledgeable speaker. I am satisfied with my experience on MyCPE platform.

Ronald Stith, CPA (US)

Learned a lot and changes to the single audit act including impact of the Pandemic on single audit performance

Gina Cabral, CPA (US)

Good overview

Kylie Schwarting, Accountant/Bookkeeper/Tax Professionals

N/A

Dana Murdzak, CPA (US)

The course was titled Single Audit Pandemic Aid and Major Program Determinations; however, the course was focused on entry level things like what a Single Audit is. There was really no discussion of Major Programs OR Pandemic Aid.