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Technical

Studies on Single Audit and Yellow Book Deficiencies Logo aicpa

  Daniel Bradley, CPA and William Wagner, CPA |   Free |   AICPA |   May 2019 |   Auditing (Governmental) |   AICPA Store

A single audit is comprised of an audit of financial statements performed under the Yellow Book and a compliance audit performed under OMB Circular A-133 (or the Uniform Guidance upon its effective date).

In this CPE course, learn how to avoid common audit deficiencies in your single audits using simulated case studies and practice exercises. Areas such as major program determination, drafting audit findings, and reporting on the compliance audit are examined through real life scenarios so that you can learn from common mistakes and spot deficiencies before it’s too late.

Topics Discussed

  • Engagement letters
  • Management representation letters
  • Yellow Book continuing professional education
  • The GAO and Independence
  • Single audit or program-specific audit
  • Major program determination
  • Allowable costs
  • Abuse
  • Fraud risk factors
  • Audit sampling
  • Documentation
  • Drafting findings
  • Schedule of Federal Expenditures (SEFA)

Learning Objectives

When you complete this course, you will be able to:

  • Identify common deficiencies in the use of engagement letters noted by peer reviewers.
  • Describe the requirements of continuing professional education under the Yellow Book CPE rules and GAO guidance.
  • Discern the GAGAS Independence Framework and issues.
  • Enhance understanding of major program determination under OMB Circular A-133 using the risk-based approach.
  • Identify how pressures on your clients relate to fraud risk factors.
  • Simulate the process of drafting an audit finding in an OMB Circular A-133 compliance audit.
  • Recognize auditee and auditor responsibilities related to the Schedule of Federal Expenditures (SEFA) and potential problem areas in SEFA presentation.

Who Will Benefit?

Auditors performing OMB Circular A-133 compliance audits and internal financial staff of government and not-for-profit entities

Topics covered:
  • Governmental auditing: Technical: Single audit: Single audit requirements, Intermediate
  • Governmental auditing: Technical: Single audit: Major program determination, Intermediate
  • Governmental auditing: Technical: Single audit: Schedule of expenditures of federal awards, Intermediate
  • Governmental auditing: Technical: Single audit: Compliance testing, Intermediate
  • Governmental auditing: Technical: Single audit: Sampling, Intermediate
  • Governmental auditing: Technical: Single audit: Findings, Intermediate
  • Governmental auditing: Technical: Yellow Book: Yellow Book requirements, Intermediate
  • Governmental auditing: Technical: Yellow Book: Auditor independence, Intermediate
  • Governmental auditing: Technical: Yellow Book: Findings, Intermediate
  • Governmental auditing: Technical: Yellow Book: Competence and CPE requirements, Intermediate
  • Assurance: Technical: Audit, Intermediate
Recognize deficiencies before it's too late.
Who Will Benefit?
  • Auditors performing single audits who are seeking to improve their understanding of the related requirements in order to perform high-quality audits
Key Topics
  • Engagement letters
  • Management representation letters
  • Yellow Book continuing professional education Auditor independence
  • Schedule of expenditures of federal awards Determination of major programs
  • Audit sampling in a compliance audit
  • Audit findings
  • Documentation
  • Reporting requirements of a single audit
Learning Objectives
  • Identify common deficiencies found in single audits.
  • Identify what is required when preparing a schedule of expenditures of federal awards
    (SEFA).
  • Properly identify major programs.
  • Identify considerations regarding sampling in the Uniform Guidance compliance audit.
  • Identify the elements of an audit finding to assist in writing high-quality findings.

Common audit deficiencies can be avoided by understanding the requirements of a single audit and then properly applying the guidance.

In this self-study course, areas such as auditor independence, preparing a SEFA, determining major programs, drafting audit findings, and reporting on federal awards in the Uniform Guidance compliance audit are examined via real-life situations.

Once completed, you will be able to apply the knowledge gained in order to perform highquality audits. This CPE course can also help you prepare for the coming OMB quality study.

Enhanced On-Demand Format

This Enhanced On-Demand Format features audio and voice narration to keep you actively engaged with the course content. Additionally, updated course navigation allows you to easily move throughout the material. For your convenience, a PDF version of the text manual is included for download to use as a reference guide.

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