Single Audit Update: What to Know and How to Prepare
Author: Clark Nuber, Troy Rector, Kelly Rancourt
| CPE Credit: |
2 hours for CPAs |
Single Audit engagements continue to be challenging as the Federal pandemic funding has flowed throughout the past few years and while infrastructure funding begins to be awarded. Proposed updates to the Uniform Guidance commenced by the Office of Management and Budget are additional proof that the Single Audit is a dynamic area. Come learn what you need to know as you plan to perform your upcoming Single Audit engagements. For auditees, come learn about the Single Audit and what will be the focus of your auditors.
Publication Date: July 2024
Designed For
Auditors performing Single Audits subject to the Uniform Guidance. Auditees subject to Single Audits.
Topics Covered
- Single Audit Overview and Happenings
- 2024 OMB Compliance Supplement
- Revised Uniform Guidance
- Federal Audit Clearinghouse Update
- Single Audit Future
Learning Objectives
- Identify key concepts and changes included in the 2024 OMB Compliance Supplement
- Identify the impact of Federal pandemic and infrastructure funding on Single Audits
- Identify highlights about proposed (or final) changes to the Uniform Guidance
- Identify how changes in the OMB Single Audit guidance to auditors will impact you as the auditee
- Identify the year the OMB directed that TTS/GSA become the Designated Agency for FAC to address long-standing technical debt
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
Prior experience with Single Audits
Advance Preparation
None
