In Part 3 of the Single Audit Fundamentals Series, we will focus on the execution portion of a single audit including a discussion of the types of compliance requirements and internal control over compliance.Topics covered include: Introduction to and using the annual OMB Compliance Supplement; Identifying compliance requirements subject to audit using the Supplement; Determining direct and material compliance requirements ; Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (UG or Uniform Guidance) requirements for testing internal controls; Understanding and testing the compliance requirements ; Documentation requirements
• Determine the requirements of the single audit as it relates to understanding internal control, assessing the level of control risk, and testing the effectiveness of internal control relative to federal awards
• Identify the single audit requirements for testing the direct and material compliance requirements for major programs
Auditors of nonprofits and state and local governments subject to single audits
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