Overview
Advanced auditors need to be prepared for complicated issues that can occur during single audits. They also need to understand the responsibilities of planning, directing, and reporting on single audits conducted under the Uniform Guidance. This course will
provide insights into key topics, including knowing the responsibilities of the auditor and the auditee in compliance audits of federal awards, evaluating whether requirements for the schedule of expenditures for federal awards have been met, and interpreting the requirements for internal controls, risk assessment, and sampling.
Objectives
• Assess fundamental auditee and auditor responsibilities in a compliance audit of federal awards.
• Evaluate whether the requirements related to the schedule of expenditures of federal awards have been met in your audit engagement.
• Evaluate whether proper major federal programs to be audited in a compliance audit were identified.
• Interpret the requirements for understanding internal controls, identifying and assessing the level of control risk, and testing the effectiveness of internal controls relative to federal awards.
• Interpret and evaluate the reporting requirements of a single audit.
• Interpret and evaluate guidance regarding sampling in a compliance audit.
