Overview
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what is the Single Audit Act of 1996?
5 mins
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why is it called "single" Audit Act of 1996?
19 mins
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What is a single audit?
24 mins
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what is a risk assessment?
40 mins
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Consequences of Unsuccessful audit
51 mins
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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.
Recommended For
This Online CPE webinar is for CIA, CPA, and Audit professionals who are servicing or aspire to service the needs of nonprofits and state & local governments subject to single audits
Who Should Attend?
- Accounting and audit managers/practitioners
- Auditors
- Certified Public Accountant (CPA)
- CPA (Industry)
- CPA - Large Firm
- CPA - Mid Size Firm
- CPA - Small Firm
- Young CPA