Advanced Topics in a Single Audit (ADUG8W23)

Overview

Be prepared for the responsibilities of planning, directing, and reporting on a single audit engagement conducted under the Uniform Guidance. This course gives you insights into key issues that are not covered in other courses, with an emphasis on advanced topics that require particular attention. Case studies are provided to highlight key compliance audit requirements and to help put the guidance into practice.

Learning Objectives

When you complete this course you will be able to:
• Assess risk when planning 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 major federal programs to be audited have been appropriately identified.
• Interpret the requirements for understanding internal control, assessing the level of control risk, and testing the effectiveness of internal control relative to federal awards.
• Interpret and evaluate the reporting requirements of a single audit.
• Interpret and evaluate guidance regarding sampling in a compliance audit.
• Identify considerations related to pass-through entities.

Topics Discussed

• Planning the compliance audit and other risk assessment considerations
• Required elements of the SEFA
• Major program determination process, including the considerations of clusters, loans, and loan guarantees
• Considerations when assessing and evaluating internal controls over compliance
• Evaluating and reporting on applicable compliance requirements related to compliance testing
• Considerations of pass-through entities and subrecipients
• Audit sampling in a compliance audit
• Advanced audit reporting issues

Knowledge Level:  Advanced

 
Intended Audience:  Auditors responsible for planning, directing, and reporting on single audits

Prerequisite:  Intermediate competency in single audits

Advanced Preparation:  None