This course focuses on areas that may need special attention in a single audit. Increase your knowledge regarding these areas found in single audits and Yellow Book engagements using simulated case studies and practice exercises with lessons for today's issues. These case studies and practice exercises are based on the Yellow Book and the Uniform Guidance and will assist you in avoiding common mistakes and recognizing deficiencies before it's too late.
Learning Objectives
Identify issues related to engagement letters. Analyze the requirements of continuing professional education under the Yellow Book CPE rules. Compare key points concerning the Yellow Book Independence Framework to related issues. Identify considerations for major program determination. Determine the process of drafting an audit finding. Differentiate auditee and auditor responsibilities related to the Schedule of Expenditures of Federal Awards (SEFA) and potential problem areas in SEFA presentation. Identify the reporting requirements of a single audit.
Major Topics
Engagement letters Management representation letters Yellow Book continuing professional education The GAO and Independence Major program determination Abuse Fraud risk factors Audit sampling Documentation Drafting findings Schedule of Expenditures of Federal Awards (SEFA) Reporting requirements
