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Single Audit 101

One stop shopping on everything you need on single audits

  • Price

    $49

  • Total Credits

    4 Credit

Single Audit 101

Overview

If you feel an audit is like going to the dentist, a single audit is like getting a root canal.

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.  The COVID-19 pandemic has led to an influx of billions of dollars of federal funding to governments and not-for-profits, with many entities becoming subject to single audit requirements for the first time. From new government funding to Addendums to the Compliance Supplement and the added challenge of working in a more remote setting, adhering to audit quality on Single Audits is more of a challenge now than ever before.  

Single audits are one of the main focus areas of the Governmental Audit Quality Center (GAQC) and we strive through this CPE Virtual Conference to help our attendees to meet the challenges of performing quality single audits by providing the latest information, tools, and resources.

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Continuing Education Credits

The sessions of the conference qualifies for

  • 4 CPE Credit for all CGAP
  • 4 CPE Credit of Accounting & Auditing for CIA
  • 4 CPE Credit of Auditing for CPA (US)
  • 4 CPE Credit for all IAP
  • 4 CPE Credit for all QIAL

Speakers

Megan Angle

Megan Angle

Partner , Porte Brown

Megan Angle is a Partner with Porte Brown’s not-for-profit and audit & review services teams in the Elk Grove Village office. She has more than twelve years of experience providing tax consulting, accounting, and audit services for individuals, nonprofit organizations, and closely held businesses. She co-leads Porte Brown’s Not-for-Profit team and is also an integral leader of Porte Brown’s Audit Services team. Since the pandemic hit, Angle has been heavily involved with assisting clients with the ins and outs of the Paycheck Protection Program (PPP) and related COVID-19 business stimulus programs. Megan is the Chair of the Illinois CPA Society’s Not for Profit Committee, Board President for the Tri-Town YMCA and is a board member with her local chamber of commerce among other involvements. Prior to joining Porte Brown, Angle had 4 years of industry experience working for a Not-for-Profit organization while completing her college education. As such, she brings a unique perspective to her work.  Megan lives in the Chicagoland suburbs with her husband and two children.
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Session Details

Megan Angle
Megan Angle

Date

Dec 3rd, 2021

Time

12:00 PM – 02:00 PM
2 Credits

The nuts and bolts of Single Audit Determination and Requirements

If the organization has received a significant amount of federal dollars from the CARES Act and other COVID-19-related legislation. Receipt of these funds may trigger an audit requirement under the Single Audit Act, which was enacted to streamline and improve the effectiveness of audits of federal awards.

When the organization accepted money from the federal government, they agreed to follow several rules around how the money was tracked, spent and reported. And you as an auditor is going to require to double and triple-check that the organization adhered to all of these rules and have placed additional processes in place to ensure compliance with these rules.

Single Audits focus on major programs. This is how you know which programs to test. So if your auditee has multiple federal programs, it's important to determine which are major and which are not. 

Here is a summary of the four steps of Single Audit major program determination:

  • Identify Type A programs
  • Identify Type A low-risk programs
  • Identify Type B high-risk programs
  • Determine major programs

In this session of this CPE virtual conference, the speaker Megan Angle will walk you through the following: 

  • Introduction to single audits
  • Identifying federal assistance and determining major federal programs
  • Understanding, assessing, and testing internal control over compliance
  • Determining auditor reporting in a Uniform Guidance compliance audit
  • Identifying single audit sampling concepts
  • 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

Learning Objectives

  • To identify key considerations for conducting an effective single audit
  • To review the impacts of COVID-19 on efficiencies and effectiveness
  • To gain a familiarity with the Compliance Supplement and Addendum
  • 2 CPE credit of for all CGAP
  • 2 CPE credit of Accounting & Auditing for all CIA
  • 2 CPE credit of Auditing for all CPA (US)
  • 2 CPE credit of for all IAP
  • 2 CPE credit of for all QIAL

Subject Area:

Accounting & Auditing,Auditing

Course Level:

Basic

Instuctional Method:

Group Internet Based

Pre-requisites:

Advance Preparation:

Megan Angle
Megan Angle

Date

Dec 3rd, 2021

Time

02:00 PM – 04:00 PM
2 Credits

Planning the Single Audit- Risk Assessment, Testing Development, and Documentation

The success or failure of a Single Audit can usually be traced back to the planning phase. Planning procedures from risk assessments to major program determination to selecting applicable compliance requirements and appropriate documentation can set the audit team on the right path to proper engagement execution, if done well. If not done well, it can lead to nonconformity with professional standards and disciplinary action on engagement leaders. 

Effective planning for a single audit starts with developing an understanding of the entity being audited, including its federal funds, and doing a proper risk assessment. This means getting familiar with the entity's people, skills, and attitudes. It also means exploring the federal awards received by the entity and how they are being used. That helps you understand what you need to pay attention to, what the compliance requirements are, and what controls might be in place and everything else flows from there. Risk assessment is one of the main areas that Peer Review has been focused on since the AICPA announced in 2019 that approximately 10% of affirms had engagements that didn’t comply with the auditing risk assessment requirements. 

Major Topics covered in this session of this CPE virtual event are:

  • Planning Activities
  • Risk Assessment
  • Audit Plan
  • Development Testing
  • Importance of strong documentation
  • Documentation areas to be covered

Learning Objectives

  • To discuss tools and techniques to approach the Single Audit engagements through proper planning
  • To describe common pitfalls that could lead to nonconformity in Single Audits and which should be avoided
  • To demonstrate and document understanding of client environments and internal controls
  • To identify and assess risk for the entity based on the understanding of the client.
  • To design appropriate response procedures to the risk assessed.
  • To describe the importance and need of proper documentation
  • 2 CPE credit of for all CGAP
  • 2 CPE credit of Accounting & Auditing for all CIA
  • 2 CPE credit of Auditing for all CPA (US)
  • 2 CPE credit of for all IAP
  • 2 CPE credit of for all QIAL

Subject Area:

Accounting & Auditing,Auditing

Course Level:

Basic

Instuctional Method:

Group Internet Based

Pre-requisites:

Advance Preparation:

Frequently Asked Questions

This is a virtual event and shall be held on Zoom Application. The handout material for each session shall be available for download on the conference/workshop detail page.

Virtual conference with myCPE is enveloped around a theme or subject or driven towards a particular audience, and is designed to be more collaborative; with a tremendously interactive agenda, panel discussions, and gives an option to all participants being able to turn their web cameras on and participate more actively. Virtual conference offers multiple sessions over a longer time frame of more than 8 hours. Virtual conferences help build a community or initiate networking opportunities.

The duration of this event can be seen below its title. The credits for this conference/workshop are also mentioned below the title.

The Specific Takeaways and the purpose of this event is mentioned in the ‘Overview’ and ‘Session Details’. Additionally, by attending a Live Virtual Event you can experience the interactivity equivalent to an in-person conference without having to leave your screens or risk your lives especially post pandemic situations. Nevertheless, bulk CPE/CE is an icing on the cake.

myCPE is seamlessly integrated with ZOOM for conducting continuing education events. Please ensure that you check the system requirements before the event starts. The system requirements are :

  • An internet connection – broadband wired or wireless (3G or 4G/LTE)
  • Speakers and a microphone (required in case of interactive sessions) – Built-in, USB plug-in, or wireless Bluetooth
  • A webcam or HD webcam - built-in, USB plug-in (required in case of interactive sessions)
  • CLICK HERE to view the System Requirements for Zoom.

There is an official break scheduled for this workshop/events. Other than the scheduled break, the in-session breaks shall be available at discretion of the speaker.

A live virtual event enables remote participants to access live, interactive networking opportunities and content through their computers/other digital devices, no matter where they are located. These events can be conducted in multiple formats;

Conference: A virtual conference is an activity, organised in a way that participants can meet and discuss themes of common interest through the use of communication tools at a central location on the Internet

Workshop: A workshop is not very different from a conference. The key point that makes a workshop unique is that it is a brief intensive educational program for a relatively small group of people that focuses especially on techniques and skills in a particular field.

The myCPE virtual events are designed to impart education around a specific theme or subject from a basic to an advanced level, which is why we do not recommend you to leave the event in between. However, if you had to leave the event because of some unforeseen circumstances, you would be granted the credits for the sessions that you attended completely and wherein you answered all the polling questions.

The recording of the event can be made available to you, on request. You can reach out to us at support@my-cpe.com or can also let us know through live chat support if you need a recording for this event. However, the recording shall not be available for Continuing Education Credits.

You can cancel your registration for a premium conference/workshop at any time before the start of the event. Upon successful cancellation the entire amount shall be credited to your myCPE wallet within 24-48 working hours. The balance in your myCPE wallet can be used to register for premium live webinars, premium self-study webinars, myCPE package courses or any other future virtual conference/workshop.

All the upcoming virtual events can be seen listed under the ‘Virtual Events’ tab on the homepage of myCPE (www.my-cpe.com).

A unique joining link will be shared with you on your registered email ID once you have registered for a conference. You can join in using the unique link at the scheduled time of the event. Also, the events that you have registered for are visible in your myCPE account under ‘My Virtual Events’ section >> under the ‘Upcoming Virtual Events’ tab. CLICK HERE to login to your account.

myCPE recommends that you verify if your digital device is compatible with the ZOOM software prior to attending the live events on myCPE (www.my-cpe.com)

For every Session you attend in a Virtual Event, you need to remain logged into the session till the end and answer the polling questions asked during the event. Once you have fulfilled these two criteria, you shall receive an evaluation form in the next 24 hours. You will receive an email with the link to complete the evaluation form and it will also be available in your myCPE account under the 'My Virtual Events’ section, under the 'Pending Evaluation' tab. Once you complete the evaluation form, you will receive an email with your credit certificates and the same shall also be available in your myCPE account under the 'My Certificates' tab. The link in the certificate email is for downloading the certificates. If the event qualifies for multiple certificates, each certificate will be available for download.

Once you complete the evaluation form, you will receive an email with your credit certificates and the same shall also be available in your myCPE account under the 'My Certificates' tab. The link in the certificate email is for downloading the certificates. If the event qualifies for multiple certificates, each certificate will be available for download

During every conference the chat panel shall always be open. You can mention the issue faced by you in the chat panel and our moderator will take it up for resolution shortly. You can also reach out to our support team in the live chat support or at support@my-cpe.com

Yes, each live virtual conference/workshop shall be recorded and the recording of the same can be made available to on request. However, the recording shall not be eligible for continuing education credits.

If you’re a new user, you will have to sign-up at www.my-cpe.com to register for a virtual event. Click Here for a free sign up to myCPE. If you’re an existing user, you need to log in to your myCPE account.

Once you’re logged into your myCPE account, you can click on the ‘Virtual Event’ tab, scroll down to view the upcoming Virtual Events. There is a Register Button on each event detail page. Once you click on REGISTER, you will receive a prompt pop up that you have registered for the event. If it is a premium event then you will first be redirected to the payment page and after paying the amount you will receive a prompt pop up that you have registered for the event.

You can cancel your registration to any event from your myCPE account. Look under My Virtual Events >Upcoming Events. Simply click “Cancel Event” against the event that you do not wish to attend. If you cancel your registration for any paid event, the amount shall be credited in your myCPE wallet within 24-48 hours.