This CPE course explains the basic elements of a Uniform Guidance compliance audit, including who must undergo this type of audit and why. It provides an overview of the requirements, and how GAAS and the Yellow Book are related to the compliance audit. Topics discussed in this course include an explanation and requirements of the various types of federal awards, along with audit implications for a recipient or subrecipient. The schedule of expenditures of federal awards is introduced, along with a description of major program determination, and the auditor’s responsibilities related to testing and reporting.
Identify what a single audit encompasses
Identify key auditee and auditor responsibilities in the compliance audit of federal awards
Identify the basic audit requirements in a Uniform Guidance compliance audit
Recognize key considerations related to the auditor’s responsibilities regarding testing and reporting on compliance under the Uniform Guidance