This Governmental Audit Quality Center (GAQC) archived Web event titled, Single Audit Fundamentals Part 1: What is a Single Audit? held on August 26, 2020, is intended for staff new to performing single audits or those that just need a refresher. The basics of audit performance are covered without delving into the nuances of COVID-19 funding. Once staff are trained at a basic level, they can take advantage of other more advanced training that introduce COVID-19 concepts offered by the GAQC. This first part of the four-part series covers:
A background and context of a single audit engagement.
Tips for helping participants differentiate these engagements from traditional financial statement audit engagements.
Responsibilities of auditees, auditors, and federal agencies.