Government Auditing Standards and Single Audits - Audit Guide

Understand how to apply the special considerations required in a single audit

An indispensable resource for auditors performing an audit of financial statements in accordance with Government Auditing Standards, the 2022 Audit Guide provides the following key elements:

• It describes the applicability of <i>Government Auditing Standards</i > and discusses the relationship between generally accepted auditing standards (GAAS) and Government Auditing Standards.
• It discusses the standards and guidance found in chapters 1–6 of Government Auditing Standards, with an emphasis on the standards for financial audits.
• It describes the auditor’s responsibility for considering internal control over financial reporting, various compliances, and instances of fraud .
• It describes the auditor’s responsibility for reporting and other communications and provides examples of the required auditor’s reports.

The guide explains the auditor’s responsibilities when conducting a single audit or program-specific audit in accordance with the Single Audit Act and the Uniform Guidance.

• The guide describes the applicability and provides an overview of the requirements of the Single Audit Act and the Uniform Guidance and discusses the relationship between <i>Government Auditing Standards</i> and the Uniform Guidance.
• The guide describes the auditor’s additional responsibilities for considering internal control over compliance with 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.
• The guide 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.
• The guide describes the auditor’s responsibilities in a program-specific audit and the auditor’s responsibility for reporting, including examples of the required auditor’s reports.
• The guide provides guidance on applying GAAS in a Uniform Guidance compliance audit and adapts that guidance, as appropriate, to the objectives of that compliance audit.
• Understand the complexities of <i>Government Auditing Standards</i>.
• 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 <i>Government Auditing Standards</i> and the compliance audit performed under the Uniform Guidance.

Key Features and Benefits

• 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.

Updates

This edition of the guide includes a new Disclaimer of Opinion on Compliance report. Additionally, “COVID-19 Considerations” boxes have been placed throughout the chapters in this guide to alert readers to pandemic-related considerations.

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The purpose of this guide is to provide auditors with a basic understanding of the procedures to be performed and of the reports that should be issued for audits of financial statements conducted in accordance with Government Auditing Standards and to provide auditors of states, local governments, and not-for-profit entities that receive federal awards with a basic understanding of the procedures to be performed and of the reports that should be issued for single audits and program-specific audits conducted in accordance with the Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.