This course will review focus areas for peer review for Single Audits and Yellow Book engagements. We will discuss the requirements for major program determination, testing compliance, testing internal controls over compliance, sampling, and reporting for Single Audits. We also address Yellow Book CPE and independence requirements. This course will provide an overview of the common deficiencies and key trends identified by the AICPA, as well as, best practices for how entities can properly perform procedures in this area. Learning Objectives: • Describe CPE requirements for Yellow Book engagements • Perform a major program determination compliant with the Uniform Guidance • Properly identify internal controls over compliance • Compare internal controls over compliance with compliance tests • List the reporting requirements for Single Audits
Apply the most recent requirements of the FASB directed toward not-for-profits. Recall key points related to the latest developments in OMB and Yellow Book requirements. Identify recent activities of the AICPA.
Federal government activities AICPA activities and emerging issues related to not-for-profit entities FASB activities