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Course Details

Single Audit Primer - Yellow Book Series (Course Id 1115)

Updated / QAS / Registry   Add to Cart 
Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 4.0
IRS Credits : 0
Price : $50.00
Passing Score : 70%
Primary Subject-Field Of Study:

Auditing (Governmental) - Accounting and Auditing for Course Id 1115

Description :

Single Audits are different. The federal government demands a lot of a grantee and their auditor. In this course, we will cover the audit requirements that exceed AICPA standards in the GAO's Yellow Book.

Key acronyms and terminology are explained in plain English.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : One or more years of financial audit experience.
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-2017
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 - 1115

Keywords : Auditing (Governmental), Single, Audit, Primer, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Identify the significant differences between a commercial financial audit and a Single Audit
  • Identify the three subjects of a Single Audit
  • Compare the requirements of the AICPA, the GAO, and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
  • Define significant requirements of the Yellow Book
  • Order the levels of materiality on a Single Audit

Chapter 1
Single Audits are Different!

After completing this section of the course, you will be able to:
    1. Identify the significant differences between a commercial financial audit and a Single Audit
    2. Distinguish between the standard setting bodies and their standards

Chapter 2
Difference #1: The Single Audit is Three Audits in One

After completing this section of the course, you will be able to:
    1. Identify the three subjects of a Single Audit

Chapter 3
Difference #2: Three Layers of Standards and Requirements

After completing this section of the course, you will be able to:
    1. Compare the requirements of the AICPA, the GAO, and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
    2. Define significant requirements of the Yellow Book
    3. Define abuse

Chapter 4
Difference #3: Levels of Materiality

After completing this section of the course, you will be able to:
    1. Order the levels of materiality on a Single Audit

Chapter 5
Difference #4: More Audit Criteria to Consider

After completing this section of the course, you will be able to:
    1. Identify which federal grant requirements can override other grant requirements

Chapter 6
Difference #5: Control Work Always!

After completing this section of the course, you will be able to:
    1. Match the components of the COSO model to the related control
    2. Differentiate between a compliance test and a control test
Course Contents :

Chapter 1 Single Audits are Different!

Learning Objectives

Five major differences

The way the money flows

How do auditors fit in?

What is the Single Audit anyway?

Boots on the ground

But the federal inspector generals arent always happy with the subcontractors

What causes the dissatisfaction?

More on the 5 major differences

1. The Single Audit is three audits in one

2. Three layers of standards and requirements

3. Levels of materiality

4. A litany of criteria and defining documents

5. Control work always

More detail with a case study

Chapter 1 Review Questions

Chapter 2 Difference #1: The Single Audit is Three Audits in One

Learning Objectives

What does the audit report look like?

Chapter 2 Review Questions

Chapter 3 Difference #2: Three Layers of Standards and Requirements

Learning Objectives

What is GAGAS?

1. How the GAO wants you to report findings

Where did these elements of a finding come from?

Why bother with the elements of a finding?

What questions do the elements answer for the reader?

2. What the GAO wants you to report as a finding

3. What you need to know to be a government auditor

4. Whether auditors may do non-audit work

In summary:

Chapter 3 Review Questions

Chapter 4 Difference #3: Levels of Materiality

Learning Objectives

Every step must be documented

All paper work should motivate you to take things off your plate

Three layers at least

1. Decide on the major program

Materiality level #2

Materiality level #3

Chapter 4 Review Questions

Chapter 5 Difference #4: More Audit Criteria to Consider

Learning Objectives

What happens when the criteria is vague or non-existent?

Chapter 5 Review Questions

Chapter 6 Difference #5: Control Work Always!

Learning Objectives

Why controls are important

The Feds are always ready to help!  The 2014 Green Book

Who uses the Green Book?

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

1. Do you care about the environment?

2. Controls mitigate risks

3. What most people think of when they think of controls

4. You arent in this alone!

5. Hopefully, you are being watched, carefully, but not in a creepy way

Summarizing the 5 components of control

The Green Book and the COSO model can be overwhelming

More on compliance vs. control testing

To summarize:

Chapter 6 Review Questions

Appendix A

Glossary

Auditing (Governmental) Course 1115 Home: https://www.cpethink.com/yellow-book-auditing
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