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CPE Self-Study

Studies on Single Audit and Yellow Book Deficiencies

  • $149.00-$189.00
    Studies on Single Audit and Yellow Book Deficiencies In Stock Product #: 733900
    AICPA Member: $149.00
    Non-Member: $189.00
  • $109.00-$139.00
    Studies on Single Audit and Yellow Book Deficiencies Online Access Product #: 163502
    AICPA Member: $109.00
    Non-Member: $139.00

A single audit is comprised of an audit of financial statements performed under the Yellow Book and a compliance audit performed under OMB Circular A-133 (or the Uniform Guidance upon its effective date).

In this CPE course, learn how to avoid common audit deficiencies in your single audits using simulated case studies and practice exercises. Areas such as major program determination, drafting audit findings, and reporting on the compliance audit are examined through real life scenarios so that you can learn from common mistakes and spot deficiencies before it’s too late.

Topics Discussed

  • Engagement letters
  • Management representation letters
  • Yellow Book continuing professional education
  • The GAO and Independence
  • Single audit or program-specific audit
  • Major program determination
  • Allowable costs
  • Abuse
  • Fraud risk factors
  • Audit sampling
  • Documentation
  • Drafting findings
  • Schedule of Federal Expenditures (SEFA)

Learning Objectives

When you complete this course, you will be able to:

  • Identify common deficiencies in the use of engagement letters noted by peer reviewers.
  • Describe the requirements of continuing professional education under the Yellow Book CPE rules and GAO guidance.
  • Discern the GAGAS Independence Framework and issues.
  • Enhance understanding of major program determination under OMB Circular A-133 using the risk-based approach.
  • Identify how pressures on your clients relate to fraud risk factors.
  • Simulate the process of drafting an audit finding in an OMB Circular A-133 compliance audit.
  • Recognize auditee and auditor responsibilities related to the Schedule of Federal Expenditures (SEFA) and potential problem areas in SEFA presentation.

Who Will Benefit?

Auditors performing OMB Circular A-133 compliance audits and internal financial staff of government and not-for-profit entities

Enhanced On-Demand Format

This enhanced on-demand format features audio and voice narration to keep you actively engaged with the course content. Additionally, updated course navigation allows you to easily move throughout the material. For your convenience, a PDF version of the text manual is included for download to use as a reference guide.

System Requirements

About the Authors

Daniel W. Bradley, CPA

Altoona, Pennsylvania

Dan Bradley is a principal with the regional certified public accounting firm of Young, Oakes, Brown & Co. P.C. in Altoona, Pennsylvania. He has extensive experience in performing audits of for-profit as well as governmental and not-for-profit organizations subject to the Single Audit Act and OMB Circular A-133. In addition, he has extensive experience dealing with entities (governmental units, not-for-profit organizations, and for-profit organizations) subject to the requirements of Government Auditing Standards. Dan holds a Commonwealth of Pennsylvania license to practice as a Certified Public Accountant, and received his Bachelor of Science degree in Accounting from Pennsylvania State University where he graduated with highest distinction.

Mr. Bradley is a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of Certified Public Accountants (PICPA), and the Institute of Management Accountants. He is also a long time member of the PICPA's Local Government Accounting and Auditing Committee. As of June 1, 2007, Mr. Bradley was elected to the PICPA's Ethics Committee. Mr. Bradley has also served as past president of his IMA chapter, as well as serving as a member of the Executive Committee of the Pennsylvania Economy League. Mr. Bradley was a past President of the Altoona Chapter of the American Business Club as well as being a member of his local March of Dimes board.

In addition, Mr. Bradley has previously been an adjunct associate professor at Saint Francis College in Loretto, Pennsylvania where he is a past recipient of the Continuing Education's Instructor of the Year Award. Mr. Bradley has been a frequent speaker and panelist on various governmental and not-for-profit programs for the AICPA, numerous state societies, the St. Francis College's CPE Department, and numerous local entities. Mr. Bradley is a past recipient of the Continuing Professional Education Division of the American Institute of CPA's "Outstanding Instructor" award for courses in the Commonwealth of Pennsylvania.



WILLIAM C. WAGNER, CPA

Delmont, PA

Bill Wagner is a sole practitioner from the Pittsburgh, PA area. His practice includes small business, governments and nonprofit clients with services ranging from tax and write-up to consulting. He serves as a consultant to other CPA firms with government and nonprofit clients that have accounting and auditing problems.

He teaches extensively in the areas of Accounting and Auditing for small businesses, Nonprofit Organizations and Governmental Units. The accounting pronouncements include those from the Financial Accounting Standards Board and the Government Accounting Standards Board. The auditing standards include the AICPA's Auditing Standards Board pronouncements, the Government Accountability Office's Government Auditing Standards, and Federal regulations, which includes those prescribed by 2 CFR Chapter I, Chapter II, Part 200, et al. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule (successor to OMB Circular A-133 "Audits of States, Local Governments, and Non-Profit Organizations").

Mr. Wagner served several years at Main Lafrentz & Co. (pre-merger with Main Hurdman and then with KPMG Peat Marwick) as a manager and has also served as treasurer of Seton Hill University, Greensburg, PA, and as Vice President of Fiscal Affairs at Salem International University, Salem, WV.

Bill is an active member of the Pennsylvania Institute of Certified Public Accountants (PICPA) and the American Institute of Certified Public Accountants (AICPA). He has taught courses nationally since 1989 and has received numerous awards for his speaking engagements.

He graduated in 1968 from Grove City College, Grove City, PA where he received a Bachelor of Arts degree with concentrations in accounting and mathematics.



About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.