Part 4: Overview of Sampling and Single Audit Reporting Requirements. In Part 4 of the Single Audit Fundamentals Series, we delve into single audit sampling for beginners, as well as the concluding and reporting stages of a single audit. Topics covered include:
Sampling concepts in a single audit
Evaluating results of testing
Single audit reporting requirements under Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (UG or Uniform Guidance); Single audit quality and best practices
Resources to facilitate a single audit.
• 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
• Understanding, assessing, and testing internal control over compliance
• Testing compliance with federal statutes and regulations and compliance requirements subject to audit
Auditors of nonprofits and state and local governments subject to single audits
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