Excel for Accounting Professionals Session 3: Workbook Design Principles and Organization

Description

Performing efficient single audits

You will learn how to be more efficient and effective at planning and performing audits in accordance with the Uniform Guidance.

Highlights include:

Performing a compliance audit under the Uniform Guidance Auditee and auditor responsibilities Federal assistance and nonfederal entities' major programs Internal control over compliance Reporting your findings

Highlights

Introduction to single audits Preparation of the schedule of expenditures of federal awards and determining major programs Understanding, assessing and testing internal control Testing compliance with federal statutes and regulations and applicable compliance requirements Auditor reporting in a Uniform Guidance compliance audit Program-specific audits Administrative requirements and cost principles in a single audit

Objectives

  • Analyze the relationship of the Single Audit Act and the OMB Uniform Guidance.
  • Identify the types of guidance and requirements found in the Uniform Guidance.
  • Identify fundamental auditee and auditor responsibilities related to a compliance audit of federal awards.
  • Determine major federal programs.
  • Determine the requirements of the single audit as it relates to understanding internal control, assessing the level of control risk, and testing the effectiveness of internal control relative to federal awards.
  • Identify the single audit requirements for testing the direct and material compliance requirements for major programs.
  • Determine reporting requirements.
  • Identify the audit and reporting requirements for program-specific audits.

Designed For

Auditors performing single audit engagements Internal financial staff of governments Staff of not-for-profit entities interacting with auditors.