
Single Audit Fundamentals Part 1: What is a Single Audit?
Part 1 of this Single Audit fundamentals series provides background and context of a single audit engagement and helps participants differentiate these engagements from traditional financial statement audit engagements.
Format
Webcast
Date
Feb 23, 2023
NASBA Field of Study
Auditing (Governmental)
Level
Basic
CPE Credits
2
Author(s)
Amanda Ward, Lindsey D. Oakley
Availability
3 months
Product Number
WC4060386
Part 1: What is a Single Audit? A Basic Background and Overview
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 audit
- Auditee and auditor responsibilities
- Federal agency responsibilities
- Single audit overview
- Description and characteristics of federal awards
- Pass-through awards and subrecipients
- Overview and use of the AICPA GAS-SA Guide
Government Audit Quality Center (GAQC) members save an additional 20%
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Key Topics
- Introduction to single audits
- Identifying federal financial assistance
- Understanding the Single Audit Act and the relationship with the OMB Uniform Guidance
Learning Outcomes
- 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
Who Will Benefit
- Auditors of nonprofits and state and local governments subject to single audit
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