|Author :||Leita Hart-Fanta, CPA|
|CPE Credits :||4.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Auditing (Governmental) - Auditing (Governmental) for Course Id 1115
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.
|Usage Rank :||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 :||
Single Audit CPE Course Learning Objectives
2. Distinguish between the standard setting bodies and their standards
2. Define significant requirements of the Yellow Book
3. Define abuse
2. Differentiate between a compliance test and a control test
|Course Contents :||
Chapter 1 – Single Audits are Different!
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 aren’t 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
What does the audit report look like?
Chapter 2 Review Questions
Chapter 3 – Difference #2: Three Layers of Standards and Requirements
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
Chapter 3 Review Questions
Chapter 4 – Difference #3: Levels of Materiality
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
What happens when the criteria is vague or non-existent?
Chapter 5 Review Questions
Chapter 6 – Difference #5: Control Work Always!
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 aren’t 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
Chapter 6 Review Questions