This CPE course explains Yellow Book independence including the general requirements, requirements for auditors providing nonaudit services and documentation requirements. This course also explains the basic elements of a Uniform Guidance compliance audit, including an overview of requirements, major program determination with examples, an understanding of compliance requirements and related internal control over compliance, sampling and single audit reporting.
Learning Objectives
- Identity the conceptual framework for making independence determinations
- Identify independence threats related to preparing financial statements and accounting records
- Identify specific non-audit services that would and would not impair independence
- Complete proper audit documentation to support adequate consideration of auditor independence
- Identify what a single audit entails
- Identify the basic audit requirements in a Uniform Guidance compliance audit
- Identify key auditee and auditor responsibilities in the compliance audit of federal awards
- Recognize key consideration related to the auditor's responsibilities regarding testing and reporting on compliance under the Uniform Guidance
Major Topics
- The conceptual framework approach to independence
- Independence threats related to preparing financial statements and accounting records
- Consideration of specific non-audit services that would and would not impair independence
- Documentation necessary to support adequate consideration of auditor consideration
- Fundamentals of a compliance audit performed under the Uniform Guidance
- 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
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