- NY Credits : 4.0
- TX Credits : 4.0
This program discusses the significant issues in Yellow Book financial statement audit engagements, including deficiencies in audit procedures performed, the auditor's reporting, and financial statement and compliance deficiencies that can lead to modified opinions. You will learn how to avoid the common deficiencies and mistakes found in Yellow Book and single audit engagements.
Upon successful completion of this course, the user should be able to:
identify what an auditor should do when it is discovered that his or her independence is impaired;
identify the prohibited nonaudit services that always impair auditor independence;
recognize the Yellow Book's CPE requirements;
identify the Uniform Guidance threshold of federal award expenditures that requires a single audit;
recognize the required auditor actions when internal controls over some or all of the compliance requirements for a major program are likely to be ineffective;
recognize the components of the risk of material noncompliance; and
recognize where audit findings are required to be reported under the Uniform Guidance.