Uniform Guidance basics + Yellow Book

How to perform a single audit

The knowledge you need

Learn the basics of a Uniform Guidance compliance audit.

The basics and more

Gain an understanding of the basic elements, including an overview of requirements and how GAAS and the Yellow Book apply to the compliance audit, as well as who must undergo this type of engagement.

Federal awards

Learn the different types of federal awards, along with audit implications for a recipient or subrecipient. Become aware of the schedule of expenditures of federal awards and the description of major program determination.

Your responsibilities

Understand your responsibilities related to testing and reporting.

Who Will Benefit

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

Key Topics

• Fundamentals of a compliance audit performed under the Uniform Guidance
• Guidance identifying federal awards
• Pass-through entities and subrecipients
• Schedule of expenditure of federal awards
• Determination of major programs
• Using the Compliance Supplement
• Uniform Guidance administrative requirements and cost principles
• Testing internal control over compliance
• Testing compliance
• Writing an audit finding
• Reporting requirements of a single audit

Learning Outcomes

• Identify what a single audit encompasses.
• Identify key auditee and auditor responsibilities in the compliance audit of federal awards.
• Identify the basic audit requirements in a Uniform Guidance compliance audit.
• Recognize key considerations related to the auditor's responsibilities regarding testing and reporting on compliance under the Uniform Guidance.

The guidance you need.

Understand the concepts and standards of generally accepted government auditing standards (GAGAS) so that you can perform Yellow Book audits.

Baseline

Gain an excellent baseline of information for understanding the Yellow Book, with guidance found in the 2018 revision of Government Auditing Standards. With guidance related to independence and peer review, increase your knowledge of the requirements and application guidance related to the following:

• Ethics
• Independence
• Standards for financial audits
• Attestation engagements
• Performance audits

Who Will Benefit

Government auditors and public accountants that will be planning or conducting engagements in accordance with Government Auditing Standards, 2018 Revision (Yellow Book)

Key Topics

• Foundation and principles for the use and application of generally accepted government auditing standards (GAGAS)
• General requirements for complying with the Yellow Book
• Ethics, independence, and professional judgment
• Competence and continuing professional education
• Quality control and peer review
• Standards for financial audits
• Standards for attestation engagements and reviews of financial statements
• Fieldwork standards for performance audits
• Reporting standards for performance audits

Learning Outcomes

• Distinguish the types of engagements that are performed under generally accepted government auditing standards (GAGAS).
• Recognize the requirements found in Government Auditing Standards (Yellow Book).
• Identify the requirements and guidance related to independence.
• Recall the requirements regarding CPE, professional judgment, quality control, and peer review under GAGAS.
• Identify the additional requirements for performing and reporting on a financial audit under GAGAS.
• Recall the requirements for performing attestation and review of financial statement engagements and performance audits under GAGAS.