This archived Governmental Audit Quality Center (GAQC) conference call titled, Preparing for Your Single Audit: An Auditee Perspective, is primarily intended to help clients better understand the requirements of the Single Audit Act and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Nonprofit Organizations (Circular A-133), the various responsibilities placed on auditees, and tips for preparing for a single audit. We encourage you to invite your clients to listen to this archived version of the original call. Further, while educating auditees is the primary goal of this call, member firm designated audit quality partners (DAQPs) and member firm staff may also find it beneficial as a refresher.
Auditees play a key role in the single audit process. As noted in the GAQC Senate testimony prepared in response to the President's Council on Integrity and Efficiency report titled, Report on National Single Audit Sampling Project (the PCIE report), the GAQC believes that meaningful improvements in single audit quality will only occur when all of the key single audit stakeholder groups—the auditing profession, procurers of single audit services, and the federal agencies—are involved in the solution. It is important that auditees are well-educated about the requirements of Circular A-133 and other reference documents (e.g., the various cost circulars), as well as their role in the process and the importance of hiring a qualified single auditor. This call focuses on helping auditees (and auditors) better understand these areas and includes the following topics:
- The applicability of Circular A-133 and the definition of a federal award;
- Auditee requirements and responsibilities in a single audit including those relating to compliance, internal control over compliance (and the related 5 elements of internal control), the preparation of the Schedule of Expenditures of Federal Awards, and other reporting matters such as the Data Collection Form and the Summary of Prior Audit Findings;
- What auditors are required to do in a single audit, including major program determination and reporting findings, and what is generally needed from management; and
- Tips for getting ready for a single audit and the importance of the CPA hiring process from an audit quality perspective.
About the Presenters
Joseph E. Seibert, CPA, is a partner with KPMG LLP in Harrisburg, Pennsylvania, specializing in public sector audits. Joe is chair of Pennsylvania Institute of CPA's (PICPA) Local Government Accounting and Auditing Committee and a past conference chair of that committee. Joe has made presentations to many groups including the GFOA, PICPA, and County Controller's Association, and graduated magna cum laude from Shippensburg University.
Sean Walker, CPA, CGFM is an Assistant Director in Clifton Gunderson LLP's Firmwide Assurance Department. Sean provides insight on governmental and not-for-profit audit and accounting issues to Clifton Gunderson's practitioners and clients. Sean is member of the AICPA's State and Local Government Expert Panel. He lives in the Milwaukee, Wisconsin and is a graduate of the University of Wisconsin - Milwaukee.
Archived Call Listening Instructions
You should print out and have available the following attached presentation materials for reference during the archived call:
- Preparing for Your Single Audit: An Auditee Perspective Call Slides (PowerPoint)
- Grant Coversheet Handout (PDF)
The presenters addressed some of the questions within the time allotted for the call. However, all questions received are posted on the GAQC Member Discussion Forum. We encourage you to visit the forum to post additional follow-up questions.
Thank you for your interest in this GAQC conference call.
You can download the archived call for playing on your computer while offline or uploading to an MP3 player. To do so, right click on the following link and select "Save Target As" or "Save Link As." The download may take a while depending on your connection speed due to the size of this particular file, so please be patient.
Download archived call to your computer or MP3 player