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| Author : | Leita Hart-Fanta, CPA |
| Status : | Production |
| CPE Credits : | 9.5 |
| IRS Credits : | 0 |
| Price : | $120.00 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Auditing (Governmental) - Auditing (Governmental) for Course Id 1546 |
| Description : | The Single Audit (an audit of federal grants in compliance with the Uniform Grant Guidance) is part compliance audit and part financial audit. Let Leita untangle the web of governance for federal grants and guide you through the steps of conducting the audit for a sample federal grant including researching the requirements of the grant, assessing inherent risk, refining the audit objective, applying the Green Book, choosing methodologies, and documenting your work. |
| Usage Rank : | 0 |
| Release : | 2020 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
The 12 Areas of Federal Grant Compliance
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| Advance Preparation : | None. |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 27-Aug-2020 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - 1546 |
| Keywords : | Auditing (Governmental), Audit, Requirements, Federal, Grants, Yellow, Book, Series, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives
Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 |
| Course Contents : | Chapter 1 - What Is an Auditor? Chapter Objectives How NOT to Take Care of a Grant The Federal Government Has Seen All This Before An Auditor’s Role Independence Subject Matter and Criteria Audit Deliverables Let’s Tweak That Definition of an Auditor Chapter 1 Study Questions Chapter 2 - Questions You Can Ask about a Federal Program Chapter Objectives I. Subject matter of the Single Audit How Do Auditors Fit In? II. The Criteria Used to Evaluate the Subject Matter III. Standards Followed What is Government Auditing Standards and Generally Accepted Government Auditing Standards (GAGAS)? More about the American Institute of CPAs (AICPA) What Does the Audit Report Look Like? The Data Collection Form Audit Standards vs. Subject of the Audit vs. Criteria for the Subject Chapter 2 Study Questions Chapter 3 - The Steps in Conducting an Audit Chapter Objectives Here Are the Steps in Conducting an Audit: 1. Receive Vague Audit Assignment 2. Gather Information about the Audit Subject 3. Determine Audit Criteria 4. Perform a Risk Assessment 5. Refine the Audit Objective and Sub-Objective 6. Choose the Methodologies 7. Budget Each Methodology 8. Formalize the Audit Plan 9. Formalize the Audit Program 10–11. Perform the Audit Methodologies and Document Results 12. Review Working Papers 13. Writing Findings 14. Conferring with the Client 15. Concluding 16. Finalizing the Report The Three Phases of Auditing Chapter 3 Study Questions Chapter 4 - Gathering Information Chapter Objectives Gain an Understanding of Five Areas How Are You Going to Find Out the Answers to These Questions? Other Items You Should Look at Relevant to the Single Audit Hold the Mandatory Group Meeting after Gathering Information How Do Auditors Use This Information? Where Are We in the Process? Chapter 4 Study Questions Chapter 5 - The Audit Criteria Chapter Objectives What Is Criteria? Criteria for Federal Grants Is Plentiful! The 12 Compliance Items The Client May Successfully Fend Off Audit Recommendations If You Don’t Have Firm Criteria “Good Business Practice” Isn’t Criteria Let’s Work through an Example Where Are We in The Process? Chapter 5 Study Questions Chapter 6 - The Big Picture of Risk Assessment & Inherent Risk Chapter Objectives What Happens If You Don’t Do a Risk Assessment? Four Phases of the Risk Assessment Process PHASE 1 Of the Risk Assessment Process: Break the Universe into Bite-sized Chunks PHASE 2 Of the Risk Assessment Process: Inherent risk Three Facets of Inherent Risk Forecasters of Doom Magnitude and Likelihood Worried Aunt Abbey Ring Both Bells What Is a Major Program? Three levels of risk on the compliance portion of the Single Audit Three Levels of Materiality on the Single Audit Every Step Must Be Documented Chapter 6 Study Questions Chapter 7 - Control Risk Chapter Objectives PHASE 3 of the Audit Risk Assessment Process: Assess Control Risk Where Did the COSO Model/Green Book Originate? The Top and Side of the Cube Rotisserie Chicken Risk How Do Small Organizations Pull off All of This? Distinguish between Design and Implementation of a Control Summarizing the Five Components of Control The Green Book and the COSO Model Can Be Overwhelming The Green Book Describes Control Nirvana The Internal Control Rating Scale 0-5 The Federal Government Has High Expectations Why Controls Are Important How Do Small Organizations Put All This in Place? Chapter 7 Study Questions Chapter 8 - All the Risks Together Chapter Objectives Combining Inherent Risk and Control Risk PHASE 4 OF THE AUDIT RISK ASSESSMENT PROCESS: The Auditor’s Response – Detection Risk Inherent Risk and Control Risk Effect on Detection Risk The GAO’s Take on Risk Assessment A Summary of the Risk Assessment Theory, in Simple English A Compliance Audit: City of Trixie’s Weatherization Grants A Recap Where Are We in the Process? Chapter 8 Study Questions Chapter 9 - Refining the Objectives Chapter Objectives A Definition of an Audit Objective What Is a Performance Aspect? Strong Criteria Wins Out over Effective Every Time Replace the E Words with Something Auditable! What NOT to Do – A Bad Audit Objective Can You Improve These Objectives? Revisiting the Steps of an Audit Where Are We in the Process? Chapter 9 Study Questions Chapter 10 - Choosing and Budgeting Methodologies Chapter Objectives What Is a Methodology? An Audit Procedure? An Audit Program? What is an Audit Program? You Were Hired to Think Who Is Calling the Shots? Why Create an Audit Program from Scratch? Following Up after Randy Possible Methodologies How to Choose a Good Methodology Example Methodologies What if Your Audit Plan Is Too Ambitious? Simple Audit Program Where Are We in the Process? Chapter 10 Study Questions Chapter 11 - Working Papers Chapter Objectives The Dreaded Working Papers! What the Standards Require Working Paper Etiquette Commonly Used Components of Working Papers Reviewing Working Papers: Keeping the Big Picture in Mind Check Concepts before Mechanics Follow the Hierarchy of Working Papers Where Are We in the Process? Chapter 11 Study Questions Chapter 12 - Writing a Finding Chapter Objectives What Are the Elements of a Finding? Authority on “the Elements of a Finding” What Questions Do the Elements Answer for the Reader? A Few Rules and Tips for Using the Elements Finding the Root Cause Just Stick with the Facts, Ma’am! Relax, You Control Freak, You! Edit with Care! The Uniform Guidance Is More Specific Internal Controls as the Cause Compliance vs. Control Tests Reportable Conditions Abuse and Waste Are Subjective Where Are We in the Process? Chapter 12 Study Questions Chapter 13 - Concluding the Audit Chapter Objectives Whew! Audits Are a Lot of Work. That Is Why You Are Getting Paid the Big Bucks! The Single Audit Conclusions Advice for the End The Warm, Fuzzy Feeling It’s Getting Better All the Time One Last Look at the Steps of an Audit Chapter 13 Study Questions Glossary |
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