- NY Credits : 7.0
- TX Credits : 7.0
Single Audits of Governmental and Nonprofit Entities
Governmental and nonprofit entities that expend more than $750,000 in federal award funds annually are subject to the requirements of the Single Audit Act. This program considers the new audit guidance in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and its related Compliance Supplement. Performance and reporting guidance for the auditor are discussed as well as the interplay between Yellow Book audits and grants management.
This course focuses on the development of in-depth knowledge, skill and application of Single Audits. This course is most appropriate for the professional with mastery of Single Audits who may be a seasoned professional within an organization but also may be appropriate for other professionals with specialized knowledge in this subject.
Upon successful completion of this course, the user should be able to:
identify reasons the Single Audit Act was enacted,
identify the costs of Single Audits and the threshold for determining if a Single Audit is required,
identify the authoritative guidance that must be followed in a Single Audit,
identify the auditor's responsibility for the auditee's internal control,
identify what establishes and/or restricts most governmental entities' ability to obtain resources, implement programs, execute contracts, and deliver services,
recognize the different control activities an entity uses to satisfy administrative and legislative objectives,
identify the 12 types of compliance requirements for federal programs, and
identify the reports, including contents, the auditor is required to prepare related to Single Audits.