Yellow Book Independence and Single Audit Fundamentals

Overview

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.

Highlights

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

Prerequisites

None

Designed For

CPAs in public practice and members in industry

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