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In this CPE course, you will learn the basics of performing a compliance audit performed under Circular A-133, including the responsibilities of both the auditee and auditor.
Learn how to identify federal assistance and how to determine an organization’s major programs. Also covered is a key part of the compliance audit, which is gaining an understanding of, assessing, and testing internal control over compliance. Using this knowledge, you will learn what is involved in identifying and testing compliance requirements in a single audit.
Also included in this CPE course is a chapter on the Uniform Guidance. This chapter will help you get ready for the upcoming changes.
Fundamentals of a single audit
Identifying federal assistance and determining major programs
Understanding, assessing, and testing internal controls
Testing compliance with laws and regulations
Audit tools and guidance
When you complete this course, you will be able to:
Identify fundamental auditee and auditor responsibilities related to OMB Circular A-133 audits.
Obtain a thorough understanding of the Schedule of Expenditures of Federal Awards (SEFA).
Gain a working knowledge of how major federal programs are determined.
Become familiar with the Circular A-133 requirements related to understanding internal control and testing the effectiveness of internal controls.
Gain an understanding of how to identify the applicable compliance requirements, and what is involved in testing those compliance requirements.
Identify the Circular A-133 reporting requirements
Identify the audit requirements of a program-specific audit, and the related reporting requirements.
Identify the changes to single audits resulting from implementing the Uniform Guidance.
Who Will Benefit?
Auditors performing OMB Circular A-133 compliance audits and internal financial staff of government and not-for-profit entities
Prerequisite: Background of not-for-profit or governmental accounting and auditing.