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Course Details

Auditing Federal Grants - Yellow Book Series (Course Id 1329)

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Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 11.0
IRS Credits : 0
Price : $140.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1329

Description :

The Single Audit is part compliance audit and part financial audit. Let Leita guide you through every step of conducting a Single 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. Frequent references to audit standards and audit requirements keep us grounded.

Usage Rank : 0
Release : 2017
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 : 29-Jan-2018
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 - 1329

Keywords : The Single Audit is part compliance audit and part financial audit. Let Leita guide you through every step of conducting a Single Audit for a sample federal grant including: researching the requirements of the grant, assessing inherent risk, refining
Learning Objectives :

Federal Grant Audit Course Learning Objectives

  • Contrast the objective and scope
  • List the basic questions that auditors seek to answer
  • Differentiate between standard-setting bodies
  • Identify the different types of audits
  • Identify the significant differences between a commercial financial
      o 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
  • Detect common flaws in the conduct of an audit
  • Identify common deliverables on an audit
  • Describe the requirements for gaining an understanding of an audit subject
  • Assess the weaknesses in a given criteria
  • Distinguish between the two 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 two 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
  • Distinguish between a control test and a compliance test
  • 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
  • Identify the questions that you should consider at the end of your engagements

Chapter 1
What Is an Auditor?

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

    Chapter 2
    Standard-Setting Bodies and Types of Audits

  • Differentiate between standard-setting bodies
  • Identify the different types of audits

    Chapter 3
    The Single Audit: Auditing Government Grants

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

    Chapter 4
    The Steps in Conducting an Audit: Traditional Approach

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

    Chapter 5
    How to Control an Audit

  • Detect common flaws in the conduct of an audit
  • Identify common deliverables on an audit

    Chapter 6
    Gathering Information

  • Describe the requirements for gaining an understanding of an audit subject

    Chapter 7
    The Audit Criteria

  • Assess the weakness in a given criteria

    Chapter 8
    The Big Picture of Risk Assessment

  • Distinguish between the two main steps of performing a risk assessment

    Chapter 9
    Inherent Risk

  • Distinguish between the types of inherent risk

    Chapter 10
    Control Risk

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

    Chapter 11
    All the Risks Together

  • Distinguish among inherent risk, control risk and detection risk

    Chapter 12
    Risk Assessment for a Compliance Audit

  • Apply the two basic steps of conducting a risk assessment to a compliance audit

    Chapter 13
    Refining the Objectives

  • Distinguish between a workable objective and a vague objective

    Chapter 14
    Choosing and Budgeting Methodologies

  • Detect weak and vague audit methodologies
  • Distinguish between a control test and a compliance test

    Chapter 15
    Judging Evidence and Preparing a Written Audit Plan

  • Classify evidence into one of three types
  • Differentiate between “sufficient” evidence and “appropriate” evidence

    Chapter 16
    Working Papers

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

    Chapter 17
    Writing a Finding

  • Distinguish among the elements of a finding
  • Evaluate whether a finding follows the simple rules of logical organization of a finding

    Chapter 18
    Concluding the Audit

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

    Chapter 1 What Is an Auditor?

    Independence

    Subject matter and criteria

    What auditors deliver

    Questions auditors answer

    An enhancement to the definition of an auditor

    Study Questions for Chapter 1

    Chapter 2 Standard-Setting Bodies and Types of Audits

    Standard-setting bodies

    Borrow from whomever is in the lead

    Investigations are different

    Study Questions for Chapter 2

    Chapter 3 The Single Audit: Auditing Government Grants

    How do auditors fit in?

    More about the term “Single Audit”

    Boots on the ground

    What causes the dissatisfaction?

    Four major differences

    What does the audit report look like?

    The Data Collection Form

    Study Questions for Chapter 3

    Chapter 4 The Steps in Conducting an Audit: Traditional Approach

    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

    13–16. Writing findings, concluding, conferring with the client, and finalizing       40

    The three phases of auditing

    Study Questions for Chapter 4

    Chapter 5 How to Control an Audit

    The worst audit ever!

    A strong audit objective

    Things you can do about other audit risks

    But what you do not do is:

    Require and review deliverables

    No time limit

    Study Questions for Chapter 5

    Chapter 6 Gathering Information

    AU-C 315: understand the entity and assess risk

    Gain an understanding of five areas

    The Yellow Book also has five areas

    A mandatory group meeting

    General requirements of the team meeting regarding risk

    How do auditors use this information?

    Study Questions for Chapter 6

    Chapter 7 The Audit Criteria

    The importance of clear and wise criteria

    Three kinds of faulty criteria

    The client may actually successfully fend off audit recommendations if you don’t criteria

    The standard-setting bodies are firm about criteria

    Places to get criteria

    Document the criteria and get the client to agree!

    Examples of objectives and related criteria

    “Good business practice” isn’t criteria

    Criteria for federal grants

    Study Questions for Chapter 7

    Chapter 8 The Big Picture of Risk Assessment

    Two main steps to doing a risk assessment

    What happens if you don’t do a risk assessment?

    Every step must be documented

    The paperwork should motivate you to take things off your plate

    Study Questions for Chapter 8

    Chapter 9 Inherent Risk

    Ray Charles and me

    Audit risk and risks of material misstatement (RMM)

    Defining inherent risk

    Three facets of inherent risk

    Forecasters of doom

    Magnitude and likelihood

    Study Questions for Chapter 9

    Chapter 10 Control Risk

    Where did the COSO model originate?

    The five components of control per the COSO/Green Book Cube

    Summarizing the five components of control

    The Green Book and the COSO model can be overwhelming

    The remaining dimensions of the cube: a little whine with that cheese?

    The top of the cube

    Adding another objective to the top of the cube

    Now for the right hand side of the cube

    How do small organizations put all this in place?

    Distinguish between design and implementation of a control

    Study Questions for Chapter 10

    Chapter 11 All the Risks Together

    Combining inherent risk and control risk

    The auditor’s response – detection risk

    Inherent risk and control risk effect on detection risk

    The GAO’s take on risk assessment

    Where does the IIA stand on risk assessment?

    A summary of the theory, in simple English

    Study Questions for Chapter 11

    Chapter 12 Risk Assessment for a Compliance Audit

    A compliance audit: Sarasita City, weatherization grant

    A recap

    Study Questions for Chapter 12

    Chapter 13 Refining the Objectives

    A definition of an audit objective

    Revisiting the steps of an audit

    Study Questions for Chapter 13

    Chapter 14 Choosing and Budgeting Methodologies

    What is a methodology? An audit procedure? An audit program?

    Canned methodologies

    Why create an audit program from scratch?

    Compliance versus control testing

    Disclosing your methodology

    Study Questions for Chapter 14

    Chapter 15 Judging Evidence and Preparing a Written Audit Plan

    How to judge the quality of evidence?

    Sufficient and appropriate

    Do you have that warm fuzzy feeling overall?

    Critical juncture: preparing a written audit plan

    Study Questions for Chapter 15

    Chapter 16 Working Papers

    The dreaded working papers!

    What the standards require

    Working paper etiquette

    Rebel without a clue

    Commonly used components of working papers

    The reviewer’s friend, the summary memo

    Reviewing working papers: keeping the big picture in mind

    Study Questions for Chapter 16

    Chapter 17 Writing a Finding

    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

    Let’s look at the finding for the weatherization grant

    Finding the root cause

    Just stick with the facts, ma’am!

    The Uniform Guidance is more specific

    Triggers of a finding

    Study Questions for Chapter 17

    Chapter 18 Concluding the Audit

    The warm, fuzzy feeling

    It’s getting better all the time

    Study Questions for Chapter 18

    Glossary

    Auditing (Governmental) Course 1329 Home: https://www.cpethink.com/yellow-book-auditing
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