Applying the Uniform Guidance in Your Single Audits + Single Audit Guide

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This Audit Guide is an indispensable resource for auditors performing an audit of financial statements in accordance with Government Auditing Standards. This guide:

• Describes the applicability of Government Auditing Standards.
• Discusses the relationship between GAAS and Government Auditing Standards.
• Discusses the standards and guidance found in chapters 1–6 of Government Auditing Standards, with an emphasis on the standards for financial audits.
• Describes the auditor’s responsibility for considering internal control over financial reporting; compliance with applicable federal statutes, regulations, and provisions of contracts and grant agreements; and instances of fraud.
• Describes the auditor’s responsibility for reporting and other communications and provides examples of the required auditor’s reports. It also provides guidance on the auditor’s responsibilities when conducting a single audit or program-specific audit in accordance with the Single Audit Act and the Uniform Guidance. Concerning an audit of federal awards in accordance with the Uniform Guidance, this guide:
• Describes the applicability of and provides an overview of the requirements of the Single Audit Act and the Uniform Guidance.
• Discusses the relationship between Government Auditing Standards and the Uniform Guidance.
• Describes the auditor’s additional responsibilities for considering internal control over compliance with compliance requirements subject to audit that are direct and material; performing tests of compliance with those requirements; and performing procedures on the schedule of expenditures of federal awards.
• Discusses considerations in designing an audit approach that includes audit sampling to achieve both compliance and internal control over compliance-related audit objectives in a compliance audit performed under the Uniform Guidance.
• Describes the auditor’s responsibilities in a program-specific audit.
• Describes the auditor’s responsibility for reporting and provides examples of the required auditor’s reports.
• Provides guidance on applying GAAS in a Uniform Guidance compliance audit and adapts that guidance, as appropriate, to the objectives of that compliance audit. The 2024 edition of the guide has been updated for SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, and SAS No. 148, Amendment to AU-C Section 935, among other matters.

Who Will Benefit

• Auditors performing audits of financial statements in accordance with Government Auditing Standards
• Auditors performing single audits or program-specific audits in accordance with the Single Audit Act and the Uniform Guidance
• Management of nonfederal entities that receive federal awards

Key Topics

• Understand the complexities of Government Auditing Standards.
• Identify the requirements for performing a Uniform Guidance compliance audit.
• Properly report on the single audit using the illustrative auditor’s reports for both the financial statement audit performed under Government Auditing Standards and the compliance audit performed under the Uniform Guidance.

Performing efficient single audits

You will learn how to be more efficient and effective at planning and performing audits in accordance with the Uniform Guidance. Highlights include:

• Performing a compliance audit under the Uniform Guidance,
• Auditee and auditor responsibilities
• Federal assistance and nonfederal entities’ major programs
• Internal control over compliance
• Reporting your findings

Who Will Benefit

• Auditors performing single audit engagements
• Internal financial staff of governments
• Staff of not-for-profit entities interacting with auditors.

Key Topics

• Introduction to single audits
• Preparation of the schedule of expenditures of federal awards and determining major programs
• Understanding, assessing and testing internal control
• Testing compliance with federal statutes and regulations and applicable compliance requirements
• Auditor reporting in a Uniform Guidance compliance audit
• Program-specific audits
• Administrative requirements and cost principles in a single audit

Learning Outcomes

• Analyze the relationship of the Single Audit Act and the OMB Uniform Guidance.
• Identify the types of guidance and requirements found in the Uniform Guidance.
• Identify fundamental auditee and auditor responsibilities related to a compliance audit of federal awards.
• Determine major federal programs.
• 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.
• Determine reporting requirements.
• Identify the audit and reporting requirements for program-specific audits.