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Auditing Federal Grants - v09 - Yellow Book Series (Course Id 1546)

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Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 9.5
IRS Credits : 0
Price : $120.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1546

Description :

The Single Audit 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 : 2019
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 18-Jul-2019
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 - NASBA Registry - 1546

Keywords : Auditing (Governmental), Auditing, Federal, Grants, v09, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Contrast the objective and scope
  • Identify the basic questions that auditors seek to answer
  • Identify the significant differences between a commercial financial audit and a Single Audit
  • Identify the three subjects of the Single Audit
  • Identify which federal grant requirements can override other grant requirements
  • Identify and arrange the steps in conducting an audit
  • Associate the steps of an audit with the phases of an audit
  • Identify the requirements for gaining an understanding of an audit subject
  • Identify the steps of the audit trifecta
  • Assess the strengths and weaknesses in a given criteria
  • Distinguish between the four main steps of performing a risk assessment
  • Distinguish between the types of inherent risk
  • Classify controls into the components of the COSO model of controls
  • Distinguish between a control’s design and its implementation
  • Distinguish among inherent risk, control risk, and detection risk
  • Apply the four basic steps of conducting a risk assessment to a compliance audit
  • Distinguish between a workable objective and a vague objective
  • Detect weak and vague audit methodologies
  • Classify evidence into one of three types
  • Differentiate between “sufficient” evidence and “appropriate” evidence
  • Distinguish among the elements of a working paper
  • Describe the standards for working paper documentation
  • Distinguish among the elements of a finding
  • Evaluate whether a finding follows the simple rules of logical organization of a finding
  • Distinguish between a control test and a compliance test
  • Identify the questions that you should consider at the end of your engagements

Chapter 1
What Is an Auditor?

  • Contrast the objective and scope
  • Identify the basic questions that auditors seek to answer

    Chapter 2
    Questions You Can Ask about a Federal Program

  • Identify the significant differences between a commercial financial audit and a Single Audit
  • Identify the three subjects of the Single Audit
  • Identify which federal grant requirements can override other grant requirements

    Chapter 3
    The Steps in Conducting an Audit

  • Identify and arrange the steps in conducting an audit
  • Associate the steps of an audit with the phases of an audit

    Chapter 4
    Gathering Information

  • Identify the requirements for gaining an understanding of an audit subject
  • Identify the steps of the audit trifecta

    Chapter 5
    The Audit Criteria

  • Assess the strengths and weaknesses in a given criteria

    Chapter 6
    The Big Picture of Risk Assessment & Inherent Risk

  • Distinguish between the four main steps of performing a risk assessment
  • Distinguish between the types of inherent risk

    Chapter 7
    Control Risk

  • Classify controls into the components of the COSO model of controls
  • Distinguish between a control’s design and its implementation

    Chapter 8
    All the Risks Together

  • Distinguish among inherent risk, control risk, and detection risk
  • Apply the four basic steps of conducting a risk assessment to a compliance audit

    Chapter 9
    Refining the Objectives

  • Distinguish between a workable objective and a vague objective

    Chapter 10
    Choosing and Budgeting Methodologies

  • Detect weak and vague audit methodologies
  • Classify evidence into one of three types
  • Differentiate between “sufficient” evidence and “appropriate” evidence

    Chapter 11
    Working Papers

  • Distinguish among the elements of a working paper
  • Describe the standards for working paper documentation

    Chapter 12
    Writing a Finding

  • Distinguish among the elements of a finding
  • Evaluate whether a finding follows the simple rules of logical organization of a finding
  • Distinguish between a control test and a compliance test

    Chapter 13
    Concluding the Audit

  • Identify the questions that you should consider at the end of your engagements
  • 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

    CPE Auditing (Governmental) Course: https://www.cpethink.com/yellow-book-auditing
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