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Single Audit Pandemic Aid And Major Program Determinations

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Before starting this self study program, please go through the instructional document.

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

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.

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.

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Auditors
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Testimonial

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