Advanced Topics in a Single Audit

Objectives:

• Assess fundamental auditee and auditor responsibilities in a compliance audit of federal awards. • Evaluate whether the requirements related to the schedule of expenditures of federal awards (SEFA) have been met in your audit engagement. • Evaluate whether proper major federal programs to be audited in a compliance audit were identified • Interpret the requirements for understanding internal controls, assessing the level of control risk, and testing the effectiveness of internal controls relative to federal awards. • Interpret and evaluate the reporting requirements of a single audit. • Interpret and evaluate guidance regarding sampling in a compliance audit.

Major Topics:

• Auditor and auditee responsibilities • Planning the compliance audit and other risk assessment considerations • Required elements of the SEFA • Major program determination process, including clusters and loans/loan guarantees • Considerations when assessing and evaluating internal controls over compliance • Considerations of pass-through entities and subrecipients • Audit sampling in a compliance audit • Advanced audit reporting issues

Major Topics:

• Auditor and auditee responsibilities • Planning the compliance audit and other risk assessment considerations • Required elements of the SEFA • Major program determination process, including clusters and loans/loan guarantees • Considerations when assessing and evaluating internal controls over compliance • Considerations of pass-through entities and subrecipients • Audit sampling in a compliance audit • Advanced audit reporting issues

Designed For:

Auditing (Governmental)

Prerequisites:

Intermediate competency in single audits