Reporting in a Single Audit
Author: Diane Edelstein
| CPE Credit: |
2 hours for CPAs |
The final step in the Single Audit is the reporting of the results. We will look at what is required to be reported by the auditors as a finding in the "Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance" and what are the elements of the Schedule of Findings and Questioned Costs. We will look at the auditee requirement to complete a ”Summary Schedule of Prior Audit Findings” and a “Corrective Action Plan” (CAP).
Publication Date: December 2023
Designed For
This session is for both auditees and auditors.
Topics Covered
- Uniform Guidance Overview
- Reporting Requirements
- Evaluating Results of Testing
- Other Thoughts
Learning Objectives
- Recognize what is required to be reported as a finding
- Identify the elements of a Schedule of Findings and Questioned Costs
- Identify the required elements of a Finding
- Recognize the client documents (Summary Schedule of Prior Audit Findings and the Corrective Action Plan)
- Identify the type of finding in which you can use professional judgment in determining whether and how to communicate
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
