The Uniform Guidance present unique challenges to auditors of governmental organizations and not-for profit organizations receiving federal financial assistance. This Guidance requires auditors to take a risk-based approach to the audit, including a methodology of determining which federal programs are considered major and therefore subject to Single Audit compliance requirements. A significant challenge facing many auditors is determining the Uniform Guidance requirements in a Single Audit. All professional involved in Single Audits must have a working knowledge of the requirements imposed by the Uniform Guidance. We will cover the issues that all auditors need to know about the Uniform Guidance requirements, including how to determine major federal programs. This course will provide example about how to comply with these requirements. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to:
- Identify when an entity is subject to the Single Audit requirements
- Identify reporting requirements related to Single Audits
- Recall core concepts fundamental in a Single Audit related to federal financial assistance and low risk auditees
- Recognize the importance of major program determination and how to properly select major programs
- Recall significant requirements of the Uniform Guidance
Major Topics
The major topics that will be covered in this class include:
- Key auditor requirements in a Single Audit
- Enhanced required reporting requirement in Single Audit related to internal control and compliance
- Clarifications and examples of how to properly determine major federal programs
- Key definitions related to Single Audit
- Other important matters contained in the Uniform Guidance
