Idaho Society of CPAs

Applying the Uniform Guidance in Your Single Audits - Virtual Experience

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  • Date/Time
    • Dec 6, 2024
    • Sign In: 8:30am (MT)
    • Program: 9:00am - 4:30pm (MT)
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  • Location
    • Your Computer
      Your Space
      ISCPA / WASCPA Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Auditing - Governmental (8.00)
  • Prerequisites

    • Background of not-for-profit or governmental accounting and auditing

  • Vendor
    • AICPA
  • Level
    • Intermediate
  • Fields of Study
    • Accounting & Auditing
    • Auditing
    • Auditing (Governmental)
  • Message
    • Virtual Experience

Description

Designed to provide you with the knowledge to be more efficient and effective at planning and performing audits in accordance with the requirements of the Uniform Guidance and the Single Audit Act, this course examines how the Single Audit Act relates to OMB Uniform Guidance, as well as the different types of guidance and requirements found in the Uniform Guidance. The course also covers responsibilities and requirements of the auditor and the auditee, how to identify federal assistance and how to determine a nonfederal entity's major programs. Make sure your skills are up to date with the latest information in this challenging audit area.

  • Qualifies for Yellow Book CPE

Designed For

Auditors performing single audit engagements, internal financial staff of governments, and staff of not-for-profit entities interacting with auditors

Objectives

When you complete this course you will be able to:

  • 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.

Highlights

  • 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

Advanced Prep

  • Manual will be available to download in the meeting room
  • Test your computer/device for compatibility with virtual meeting space well in advance of your webinar

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    Leaders

    Eric Formberg

    Eric Formberg CPA,CGFM Retired Partner, Plante Moran


    Eric has more than 40 years of experience in governmental financial statement and compliance auditing. He recently retired from the partnership at Plante Moran. His roles at the firm included the firm's primary technical specialist for public education practice, and the leader of the firm's single audit practice. He continues to assist the firm's K12, single audit and public sector professional standards teams on a consulting basis. Throughout his entire career he has created and delivered training in governmental accounting/auditing and the single audit for Plante Moran as well as for firms and organizations across the country. The firm's single audit practice, one of the largest in the country, serves public education, municipalities, higher education, not-for-profits, real estate, hospitals, and for-profit companies receiving federal assistance. Eric has been active in standard setting and the application of standards in his roles as a previous member of the AICPA Government Expert Panel, and the GAQC Executive Committee. In 2019, he concluded his role as charter member of the Federal Single Audit Roundtable. He continues to serve the profession as a member the AICPA Governmental Accounting and Auditing Conference Planning Task Force and as an ad hoc advisor to AICPA governmental auditing and accounting groups. He is also a member of the AGA and is a Certified Government Financial Manager.

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