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 enagement and helps participants differentiate these engagements from traditional financial statement audit engagements.
Nov 17, 2022
NASBA Field of Study
Amanda Ward, Lindsey D. Oakley
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
- Introduction to single audits
- Identifying federal financial assistance
- Understanding the Single Audit Act and the relationship with the OMB Uniform Guidance
- 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
Group ordering for your team
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