Single Audit Fundamentals Part 1: What is a Single Audit?

In this webcast we will provide background and context of a single audit engagement and help participants differentiate these engagements from traditional financial statement audit engagements.Topics included in part 1:Background and overview of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (UG or Uniform Guidance)Scope of the single auditAuditee and auditor responsibilitiesFederal agency responsibilitiesSingle audit overviewDescription and characteristics of federal awardsPass-through awards and subrecipientsOverview and use of the AICPA GAS-SA Guide

Learning Objectives

Identify the scope of the Single audit and the OMB Uniform guidance
Identify fundamental auditee and auditor responsibilities found in the Uniform guidance
Identify the characteristics of federal awards

Major Topics

introduction to Single audits
Identifying federal financial assistance
understanding the Single audit Act and the relationship with the OMB Uniform guidance

CPE Credits Available

2 CPE

2: Accounting & Auditing

Things to Know About This Course

Course Level

Basic

Prerequisites

none

Intended Audience

auditors of nonprofits and state and local governments subject to single audit