Intermediate Yellow Book Auditor Training: Schedule of Expenditures of Federal Awards: Prep & Audit

Author: Robert K Minniti

This intermediate level course provides auditors and financial professionals with in depth, practical training on the preparation and audit of the Schedule of Expenditures of Federal Awards (SEFA) in accordance with the U.S. Government Accountability Office’s Yellow Book—formally known as Generally Accepted Government Auditing Standards (GAGAS)—and the federal Uniform Guidance (2 CFR Part 200, Subpart F). The SEFA is a cornerstone of the Single Audit process, serving as the basis for major program determination, compliance testing, and audit reporting. Errors or omissions in the SEFA can have significant audit and compliance consequences.

Participants will learn how to prepare a complete and accurate SEFA, including the identification of federal awards, proper classification of expenditures, and accurate reporting of required elements such as Assistance Listing (AL) numbers, pass through entities, and loan and loan guarantee programs. From an audit perspective, the course emphasizes risk assessment, evaluation of internal controls over SEFA preparation, and the design and performance of effective audit procedures to test SEFA completeness and accuracy. Through real world examples and scenario based applications, attendees will strengthen their ability to identify common SEFA errors, respond appropriately, and document work in compliance with GAGAS and Single Audit requirements.

Publication Date: June 2026

Designed For
This course is ideal for professionals who prepare, audit, review, or rely on the Schedule of Expenditures of Federal Awards as part of Single Audit or federal compliance engagements.

Topics Covered

• Overview of SEFA requirements under Uniform Guidance (2 CFR Part 200)
• Purpose of the SEFA in Single Audits and its impact on major program determination
• Required SEFA elements, including Assistance Listing (AL) numbers and federal agency identification
• Pass‑through entities, identifying numbers, and subrecipient considerations
• Determining federal expenditures, including direct versus pass‑through funding
• Cash versus accrual considerations in SEFA preparation
• Loan and loan‑guarantee programs and special reporting considerations
• Common SEFA preparation challenges, including identifying all federal awards and reconciling to the general ledger
• Internal controls over SEFA preparation and reporting
• Audit procedures for SEFA, including risk assessment, completeness testing, and reconciliation procedures
• Testing SEFA expenditures and required disclosures
• Evaluating SEFA accuracy and completeness and identifying common deficiencies noted in audits and peer reviews
• Documentation requirements for SEFA audit procedures and the impact of SEFA errors on audit reporting

Learning Objectives

• Identify SEFA reporting requirements under Uniform Guidance and explain their role in the Single Audit process
• Explain how to prepare a SEFA that accurately reflects federal awards, including proper classification, reconciliation, and required disclosures
• Evaluate the design and implementation of internal controls over SEFA preparation and reporting
• Design and perform audit procedures to test the completeness and accuracy of the SEFA
• Identify common SEFA errors and deficiencies and determine appropriate audit responses and documentation

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (2 hours)

Program Prerequisites
Participants should have a basic working knowledge of Yellow Book (GAGAS) auditing standards and a general understanding of Single Audits under Uniform Guidance prior to attending this intermediate‑level course.

Advance Preparation
None