Single Audit Nuts & Bolts

Author: Diane Edelstein

This course will cover all the pieces of a Single Audit. It will start with a history of Single Audit and an overview of Uniform Guidance which is the implementation guidance for Single Audits. It will discuss the importance of an accurate Schedule of Expenditures of Federal Awards (SEFA) and what are the required elements of a SEFA. The course will cover how an auditor does Major Program determination and how the auditor tests Internal Control and Compliance. The final section of the course will cover reporting under both Yellow Book and Uniform Guidance.

Publication Date: January 2020

Topics Covered

• History and Uniform Guidance Overview
• Key Guidance
• Audit Requirements Section 200.5xx
• The SEFA
• Schedule of Expenditures of Federal Awards
• Major Program Determination
• Percentage of Coverage Rule
• Examples
• Testing Internal Control and Compliance
• A Quick Word on Sampling
• Reporting
• Evaluating Results of Testing

Learning Objectives

• Identify the history of Single Audit
• Recognize the responsibilities of auditee and auditors in Uniform Guidance
• Identify the required elements of a SEFA
• Describe the four steps of the major program determination process
• Identify the testing of Internal Control and Compliance
• Recognize the life cycle of reporting under Uniform Guidance
• Identify the requirements of reporting under Government Auditing Standards and Uniform Guidance
• Recognize when to use the Compliance Supplement
• Describe materiality
• Identify who has responsibilities under Subpart F: Audit Requirements
• Identify auditor responsibilities
• Differentiate required elements of SEFA
• Recognize what to do when a CFDA number is not available
• Describe how to be a low risk auditee
• Recognize the 12 Compliance Requirements
• Describe true statements of sampling
• Describe GAGAS
• Identify true statements regarding the Schedule of Finding and Questioned Costs
• Describe material weakness
• Recognize when a program specific audit is permitted
• Identify subparts of Uniform Guidance
• Recognize true statements about footnotes in the SEFA
• Recognize how the OMB Compliance Supplement is applied

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (10 hours)

Program Prerequisites
None

Advance Preparation
None