Single Audits: Bridging the Expectation Gap

Too often, auditors conduct Single Audits, under the rules set forth in OMB Circular A-133, without adequate knowledge of the requirements or the government environment. Auditors are more likely to produce Single Audits that meet the Yellow Book requirements if they are familiar with the COSO Internal Control Framework and the federal regulatory structure.

Objectives:

• Recognize the long-standing federal concerns regarding the quality of Single Audits
• Describe the COSO internal control framework, and be able to assess internal controls of entities under audit
• Define the four types of federal rules and regulations applicable to each federal award
• Apply the federal cross-cutting administrative rules and cost principles
• Identify federal regulations for individual programs
• Identify the specific requirements for each individual federal award
• Locate useful information in the Catalog of Federal Domestic Assistance and the OMB Circular A-133 Compliance Supplement

Who should attend: Auditors who will be conducting or evaluating Single Audits.

Program level: Basic

Prerequisites: No prerequisites or advance preparation required

Delivery method: Group live

Recommended CPE credit: 16 hours

Taught by: Sefton Boyars, CPA