Compliance Auditing from Start to Finish

Description

Auditors performing Single Audits and other compliance audits accept a significant amount of risk. Not only are the rules voluminous but they are ever changing. Peer reviewers and agency reviewers have identified numerous issues with Single Audits resulting in firms being referred to the AICPA ethics division. This is why it is critical that those who perform work under Government Auditing Standards (Yellow Book), the Uniform Guidance or other agency compliance audit guides understand and properly test and document compliance with those requirements. To complicate matters the Single Audit landscape has been in flux for two years ever since the federal government began providing COVID-19 funding. It is important to be up to date on filing deadlines, the latest compliance requirements, and changes to the Uniform Guidance. This course will discuss the essentials of performing Single Audits, the
most recent guidance on federal awards for not-for-profits, governments, and for-profit entities and recent peer review and agency findings. This course will benefit accountants working in industry who are handling any aspect of federal award compliance.

Highlights

• Government Auditing Standards (Yellow Book) requirements
• Performing work on the Schedule of Expenditures of Federal Awards
• Choosing major programs
• Identifying direct and material compliance requirements
• Understanding and testing internal control
• Sampling in a Single Audit
• Testing Compliance
• Evaluating results of compliance tests
• Reporting findings
• Reports issued in a Single Audit
• Changes to Uniform Guidance
• Government Audit Standards reminders
• Compliance Supplements for 2021 and the Addenda to the Supplement
• Compliance Supplement for 2022 (when available)
• Guidance for for-profit entities receiving COVID-19 related federal awards

Objectives

• Identify and be able to test the most important aspects of a single audit.
• Identify the most recent OMB, Federal agency, and Single Audit requirements.
• Be aware of risk areas in audits identified by peer reviewers and agencies.
• Test those requirements.

Designed For

CPAs, accountants, and other finance professionals who work in the federal awards space.



Leaders

Rebecca Lee

Rebecca M. Lee, CPA, CGMA

Rebecca Lee, licensed as a CPA in Alabama and South Carolina, is a Group Practice Leader for Kaplan Financial Education, powered by Loscalzo Institute, and a founding Principal with Brooke, Freeman & Lee. She serves as the assurance, quality control, and compliance principal with responsibilities for the audit practice.

She has served on numerous AICPA and state society committees, including the AICPA Management Consulting Service Professional Practice Subcommittee, Small Business Consulting Practices Subcommittee, and Council of the AICPA. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. Rebecca currently serves on the Illinois Society of CPAs Peer Review Committee, which serves multiple state societies of CPAs.

Rebecca has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. Rebecca holds a Bachelor of Science in Accounting from Jacksonville State University, along with a master's degree in Accounting from Birmingham Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs, and the AICPA.