The Schedule of Expenditures of Federal Awards (SEFA)
Author: Diane Edelstein
| CPE Credit: |
2 hours for CPAs |
The Schedule of Expenditures of Federal Awards (SEFA) is the key starting point of a Single Audit. The SEFA is the auditee’s responsibility. The auditor must insure the accuracy of the SEFA and report on the SEFA. This course will cover auditor and auditee’s responsibilities and required elements of a SEFA.
Publication Date: March 2024
Designed For
Auditors and auditees.
Topics Covered
- Introduction
- Uniform Guidance
- The SEFA
- Unique SEFA Exceptions
- Auditor Reporting
- Documentation and Other Considerations
Learning Objectives
- Recognize the auditees role in preparing SEFA
- Recognize how to differentiate independence standard considerations if the Auditor assists in SEFA preparation
- Identify the required elements of the SEFA
- Recognize problems and pitfalls in SEFA preparation
- Identify how to ensure accuracy of the SEFA
- Identify the role of the auditors reporting on the SEFA
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
