The Single Audit: Level 1 - LumiQ Podcast Learning Path

Overview

Understanding and performing a single audit is a weighty task. The various requirements and nuances of the audit are enough to make your head spin! This learning path reviews the guidance for auditing federal grants and explains the key components of planning, executing, and reporting on single audits. And the best part… each episode in this learning path qualifies for your Yellow Book CPE requirement!

Episodes in this learning path include:
- Single Audit: Level 1 Episode #1 - An Overview of the Uniform Guidance & Single Audit
- Single Audit: Level 1 Episode #2 - Major Program Determination
- Single Audit: Level 1 Episode #3 - Compliance Supplement
- Single Audit: Level 1 Episode #4 - 12 Compliance Requirements - Part 1
- Single Audit: Level 1 Episode #5 - 12 Compliance Requirements - Part 2
- Single Audit: Level 1 Episode #6 - Testing Internal Controls vs Compliance
- Single Audit: Level 1 Episode #7 - Auditing the SEFA
- Single Audit: Level 1 Episode #8 - Findings Structure & Common Examples

After purchasing this product you will receive an email from LumiQ with instructions for accessing the learning path on their web, iOS, or Android applications.

Highlights

- Understand the components of the Uniform Guidance and why this knowledge is relevant for purposes of the single audit
- Recall when a single audit is required, with whom the various responsibilities lie, the auditor’s process of major program determination, and the auditor’s reporting requirements
- Describe the connection between the Office of Management and Budget (OMB)’s annual compliance supplement and the single audit, as well as the compliance requirements that can potentially be subject to audit
- Contrast the difference between testing internal control over financial reporting, testing internal control over compliance with federal programs, testing compliance with each major federal program, and auditing the SEFA: all part of performing a single audit
- Explain the structure for documenting and communicating findings in a single audit, and recall common identified findings

Prerequisites

None

Designed For

Auditors that need foundational knowledge when it comes to single audits.

Objectives

- Recall the quantitative threshold that determines when a single audit is required and common challenges with determining this threshold
- Recall the four steps of the risk-based approach used to identify major programs
- Describe the guidance provided for internal controls, including its components based on the COSO Framework
- Describe the audit objectives for program income and audit procedures to test compliance
- Recall the seven types of findings required to be reported in the schedule of findings and questioned costs

Preparation

None