Performing Single Audits Under the Uniform Guidance for Federal Awards (UGID)

Overview

Applying one set of auditing standards is tough. Applying three sets of auditing standards is really tough. However, this is precisely what the auditor does in applying GAAS, the Yellow Book, and the OMB requirements to a single audit. This is an essential course for auditors performing single audits as it will equip you with the hands-on skills needed to perform audits under the Uniform Guidance for Federal Awards. The course materials utilize a highly illustrative and innovative format. Over 40 focused exercises are included to provide an enhanced working knowledge of the single audit requirements.

Major Topics:

• Core concepts involved in the single audit
• The current requirements relating to the schedule of expenditures of federal awards (i.e., the SEFA) and how the auditor provides an in relation to opinion on the SEFA
• An in-depth, commonsense look at the four-step major program determination process and common problems encountered in its application
• Performing the compliance audit of federal awards (i.e., the auditor’s responsibilities related to internal control and compliance for major programs and how the auditor utilizes the Compliance Supplement)
• Auditee and auditor responsibilities related to the corrective action plan and the summary schedule of prior audit findings
• The auditor’s reporting responsibilities in a single audit including the critical requirements related to the schedule of findings and questioned costs
• Other significant issues (e.g., key sampling considerations, pass-through entities, and program-specific audits)

Learning Objectives:

• Stay current in the complex and changing single audit environment
• Save time on single audit engagements via enhanced knowledge of the single audit requirements contained in the Uniform Guidance for Federal Awards
• Excel in the single auditing arena by thoroughly knowing what you are and are not required to do