This course covers the important information needed when performing Yellow Book and Single Audit engagements. Areas of focus include the updated independence requirements in Yellow Book as well as the 2021 Yellow Book Technical correction. We'll also review the AICPA’s reporting standard and its impact on the auditor’s report as well as the Compliance report for Single Audits. We will then switch gears and cover the Uniform Guidance including the most recent changes issued in 2020 as well as the impact of COVID-19 on Single Audits.
Publication Date: April 2022
Designed For
CPAs performing Yellow Book and Uniform Guidance audits.
Topics Covered
- AICPA Reporting Update
- Audit Reporting Suite
- SAS 134
- AU-C 700
- AU-C 701
- SAS 137
- SAS 138
- SAS 140
- Yellow Book Update
- 2021 Technical Correction
- Five E's
- Yellow Book Independence
- Nonaudit Services
- Preparing Accounting Records and Financial
- Data Reliability
- 2021 Compliance Supplement
- COVID Considerations
- ARPA
- CSLRFR
- 2020 Uniform Guidance
Learning Objectives
- Identify changes to the auditor's report
- Recognize and analyze how nonaudit services impact independence
- Describe changes to the Uniform Guidance
- Recognize the impact of COVID-19 on Single Audits
- Recognize what the auditor should/would do when reporting KAM
- Differentiate how AU-C sections are impacted by SAS 137
- Identify where information about the auditor's responsibilities for going concern is always included
- Recognize what the auditor should do if management lacks SKE
- Describe a significant risk to independence per the 2018 Yellow Book
- Identify factors not relevant in evaluating the significance of any threats created by providing services
- Describe the purpose of a data reliability assessment
- Recognize which Federal Program was deemed to be high risk per the 2021 Compliance Supplement
- Identify changes from the interim rule to the final rule for CSLFRF
- Recognize what is subject to audit per the 2021 CS for CSLFRF
- Identify primary goals of the update of the Uniform Guidance
- Describe procurement types in the Uniform Guidance
- Identify the next consideration after a threat has been identified for purposes of the GAGAS Conceptual Framework for Independence
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (5 hours)
Program Prerequisites
Prior experience with GAGAS and Uniform Guidance.
Advance Preparation
None
Instructor
Melisa Galasso
Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).
Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.
Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.
Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.