Advanced Topics in a Single Audit: SEFA and Major Program Determination
As an advanced auditor, learn how to evaluate whether requirements for the schedule of expenditures of federal awards have been met and whether the correct major programs were identified.
NASBA Field of Study
Melisa F. Galasso
Enhance your single audit knowledge
Why is an accurate SEFA so important?
As part of the Uniform Guidance compliance audit, understand how to determine whether the SEFA is fairly stated, in all material respects, in relation to the auditee’s financial statements as a whole. Understand the importance of the SEFA’s accuracy and completeness, because the SEFA serves as the primary basis for appropriate major program determination. Learn about the following advanced topics that affect major program determination:
- Large loan and loan guarantee programs
- Clusters of programs
- Federal agency considerations
Put your learning into practice with case studies by identifying errors in a SEFA and by determining the programs to be audited as major under different scenarios.
Who Will Benefit
Auditors responsible for planning, directing, and reporting on single audits
- Required elements of the SEFA
- Major program determination process, including the considerations of clusters, loans, and loan guarantees
- Evaluate whether the requirements related to the SEFA have been met in your audit engagement.
- Evaluate whether major federal programs to be audited have been appropriately identified.
Group ordering for your team
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