Single Audit Primer (Currently Unavailable)

Author: Leita Hart-Fanta

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.

Number of Pages:89

Publication Date: March 2016

Designed For
Auditors conducting audits of federal grants and programs.

Topics Covered

• Single Audits are Different
• Difference #1: The Single Audit is Three Audits in One
• Difference #2: Three Layers of Standards and Requirements
• Difference #3: Levels of Materiality
• Difference #4: A Litany of Criteria and Defining Documents
• Difference #5: Control Work Always!

Learning Objectives

• Identify the significant differences between a commercial financial audit and a Single Audit
• Distinguish between the standard setting bodies and their standards
• 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
• Distinguish between fraud, abuse, and noncompliance
• Order the levels of materiality on a Single Audit
• Identify which federal grant requirements can override other grant requirements
• Match the component of the COSO model to the control
• Differentiate between a substantive test and a control test

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (3 hours)

Program Prerequisites
One or more years of financial audit experience.

Advance Preparation
None