Description

This CPE course explains Yellow Book independence including the general requirements, requirements for auditors providing non-audit services and documentation requirements. This course also explains the basic elements of a Uniform Guidance compliance audit, including an overview of requirements, major program determination with examples, an understanding of compliance requirements and related internal control over compliance, sampling, and single audit reporting.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Instructor: Adelina Burke, CPA

Target Audience

CPAs in public practice and members in industry

Course Objectives

After attending this presentation you will be able to...Identity the conceptual framework for making independence determinationsIdentify independence threats related to preparing financial statements and accounting recordsIdentify specific non-audit services that would and would not impair independenceComplete proper audit documentation to support adequate consideration of auditor independenceIdentify what a single audit entailsIdentify the basic audit requirements in a Uniform Guidance compliance auditIdentify key auditee and auditor responsibilities in the compliance audit of federal awardsRecognize key consideration related to the auditor's responsibilities regarding testing and reporting on compliance under the Uniform Guidance

Subjects

The major topics that will be covered in this class include:The conceptual framework approach to independenceIndependence threats related to preparing financial statements and accounting recordsConsideration of specific non-audit services that would and would not impair independenceDocumentation necessary to support adequate consideration of auditor considerationFundamentals of a compliance audit performed under the Uniform GuidanceSchedule of expenditure of federal awardsDetermination of major programsUsing the Compliance Supplement Uniform Guidance administrative requirements and cost principles Testing internal control over complianceTesting complianceWriting an audit findingReporting requirements of a single audit

Prerequisites

General knowledge of Yellow Book and single audits