Uniform Guidance: New Single Audit Requirements

Author: Diane Edelstein

CPE Credit:  2 hours for CPAs

If you work with Federal Awards governed by Uniform Guidance, this class is for you. Diane Edelstein offers a review of Uniform Guidance, including an overview of the individual sections of 2 CFR Chapter I, Chapter II, Part 200, et al. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). At the end of this course, you’ll be able to differentiate subparts of the Uniform Guidance for Federal Awards Contents, recognize cost principles, describe steps that must be included in financial management systems, and more.

Publication Date: December 2017

Designed For
Clients and Auditors that work with Federal Awards governed by Uniform Guidance.

Topics Covered

  • Single Audit Uniform Guidance: Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
  • Acronyms & Definitions: Subpart A
  • General Provisions: Subpart B
  • Pre-Federal Award Requirements and Contents of Federal Awards — Subpart C
  • Post-Federal Award Requirements— Subpart D
  • Cost Principles — Subpart E
  • Audit Requirements — Subpart F
  • Administrative Requirements for spending under Federal Grants

Learning Objectives

  • Differentiate sections of Uniform Guidance
  • Recognize the elements of Uniform Guidance that apply to the federal award recipient (client) and which elements apply to the auditors
  • Identify the date the final Council on Financial Assistance Reform was issued
  • Differentiate subparts of the Uniform Guidance for Federal Awards Contents
  • Identify characteristics of a contractor with respect to subrecipient/contractors
  • Recognize cost principles
  • Identify the new percentage of coverage rule for low risk auditees
  • Recognize the date policies and procedures with respect to the Uniform Guidance are effective for federal agencies
  • Describe steps that must be included in financial management system
  • Identify the threshold for micro purchases
  • Recognize the new audit threshold
  • Identify a common low risk auditee assessment error

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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