Did you know that testing of Internal Controls is required in a Single Audit? In depth testing of compliance is not good enough. We will look at the requirement for the auditee to establish internal control and what that might look like. The auditor is not required to test every Internal Control, so what does the auditor test? And if you find a problem how do you report the finding?
We will look at the Green Book/COSO Frameworks for Internal Control. We will also look at the Compliance Supplement and how to determine direct and material compliance requirements that will need the internal control testing. If an issue is found in the internal control we will address how it is reported both on the Schedule of Findings and Questioned Costs and in the report itself.
Publication Date: November 2021
Designed For
This session is designed for auditors but can be helpful for non-profits and governments in their designing of internal control.
Topics Covered
- Burden of More Single Audits
- Timeline on COVID Funding
- Largest COVID-19 Federal Programs Subject to Single Audit to Date
- Uniform Guidance - Overview
- Auditee responsibility for Internal Control
- Auditor responsibility for testing Internal Control
- Evaluating controls and testing controls
- How to report a finding in Internal Control
Learning Objectives
- Identify the auditee responsibility for Internal Control
- Differentiate which areas of internal control the auditor must test
- Recognize the requirement to evaluate whether controls are designed effectively and have been placed into operation
- Identify the requirement to test internal controls
- Recognize components relating to Green Book and COSO and how they apply
- Identify correct statements regarding an auditee's responsibility for internal control
- Identify correct statements regarding areas of internal control the auditor must test
- Describe contorl deficiency
- Identify the steps in tackling internal controls
- Recognize an example of an internal control, not a process
- Identify correct statements regarding the documentation of audit findings per the Uniform Guidance
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Diane Edelstein
Diane E. Edelstein is a Senior Partner at Maher Duessel in Pittsburgh, PA and has over thirty years of experience in public accounting. Her entire auditing career has been of non-profits, governments and Single Audit.
Diane speaks throughout the country on Non-profit accounting and auditing and Single Audit. She was member of the AICPA NPO Planning Conference Committee from 2012 – 2017 and continued to speak at the annual conference through 2019.
Diane currently serves on the AICPA Peer Review Board – GCA PMTF (Government and Compliance Audits Practice Monitoring Task Force) and is a past member of the PICPA Professional Ethics Committee and the PICPA Peer Review Committee.