Advanced Topics in a Single Audit
Presenter
Roger Cusworth,
Controller,
Colorado School of Mines
Overview
Advanced auditors need to be prepared for complicated issues that can occur during single audits. They also need to understand the responsibilities of planning, directing and reporting on single audits conducted under the Uniform Guidance. This course will provide insights into key issues, including the responsibilities of the auditor and the auditee in a compliance audit of federal awards, how to evaluate whether requirements for the schedule of expenditures for federal awards have been met, and interpreting the requirements for internal controls, risk assessment and sampling.
Learning Objectives:
- Assess fundamental auditee and auditor responsibilities in a compliance audit of federal awards.
- Evaluate whether the requirements related to the schedule of expenditures of federal awards (SEFA) have been met in your audit engagement.
- Evaluate whether proper major federal programs to be audited in a compliance audit were identified
- Interpret the requirements for understanding internal controls, assessing the level of control risk, and testing the effectiveness of internal controls relative to federal awards.
- Interpret and evaluate the reporting requirements of a single audit.
- Interpret and evaluate guidance regarding sampling in a compliance audit.
Major Topics:
- Auditor and auditee responsibilities
- Planning the compliance audit and other risk-assessment considerations
- Required elements of the SEFA
- Major program determination process, including clusters and loans/loan guarantees
- Considerations when assessing and evaluating internal controls over compliance
- Considerations of pass-through entities and subrecipients
- Audit sampling in a compliance audit
- Advanced audit reporting issues
