Single Audit Pandemic Aid And Major Program Determinations

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.