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Track 7 of 19 · Specialized

Single audit under the Uniform Guidance

Audits of non-federal entities under 2 CFR 200 Subpart F and Government Auditing Standards: who needs one, the schedule of expenditures of federal awards, major program determination, the Compliance Supplement, internal control over compliance, findings and the reporting package.

13 lessonsAbout 55 min2 CFR 200 Subpart F · Government Auditing Standards · AU-C 935 · OMB Compliance Supplement
0 of 13 complete
Syllabus

For: Auditors of nonprofits, governments and higher education institutions that spend federal awards.

  1. 01Who needs a single audit: the $1,000,000 threshold and program-specific auditsHow 2 CFR 200.501 decides whether a non-federal entity needs a single audit, a program-specific audit or no federal audit, and which fiscal years use $1,000,000.5 min · worked example · 4 self-check questions
  2. 02Auditee responsibilities, auditor procurement and the cognizant agencyWhat 2 CFR 200.508 requires the auditee to do, how 200.509 governs auditor selection, and which federal agency oversees the audit under 200.513.4 min · worked example · 3 self-check questions
  3. 03The SEFA and how to measure federal awards expendedBuild and audit the schedule of expenditures of federal awards under 2 CFR 200.510(b), measuring expenditures under 200.502 for grants, loans and noncash aid.4 min · worked example · 4 self-check questions
  4. 04Government Auditing Standards: the Yellow Book overlay on a single auditWhat the 2024 Yellow Book adds to a single audit: effective dates, independence and nonaudit services, CPE, quality management, peer review and GAGAS reports.4 min · worked example · 3 self-check questions
  5. 05Major program determination step by step under 2 CFR 200.518Run the four-step risk-based approach in 2 CFR 200.518: Type A threshold, low-risk Type A programs, high-risk Type B programs and the 40 or 20 percent coverage rule.5 min · worked example · 4 self-check questions
  6. 06The Compliance Supplement and the twelve types of compliance requirementsHow to use the OMB Compliance Supplement: its parts, the Part 2 matrix, the six-requirement limit, Part 7 for programs not included, and which edition applies.5 min · worked example · 3 self-check questions
  7. 07Internal control over compliance: planning for low control risk and testing itPlan and test internal control over compliance for each major program under 2 CFR 200.514(c), using Part 6 of the Supplement and the 200.303 control requirements.4 min · worked example · 3 self-check questions
  8. 08Testing compliance for major programs and sampling for complianceDesign compliance tests for each major program under 2 CFR 200.514(d) and AU-C 935: program-level materiality, sampling, dual-purpose tests and projecting exceptions.4 min · worked example · 3 self-check questions
  9. 09Audit findings and questioned costs under 2 CFR 200.516Decide what must be reported as a single audit finding, apply the $25,000 questioned cost threshold, and write findings with all the elements 200.516(b) requires.4 min · worked example · 3 self-check questions
  10. 10The single audit reports: what 2 CFR 200.515 and AU-C 935 requireThe reports a single audit produces under 2 CFR 200.515 and AU-C 935: the financial statement opinion, the GAGAS report, the major program report and the schedule.4 min · worked example · 3 self-check questions
  11. 11The reporting package, the data collection form and the FAC due dateAssemble the reporting package, complete the data collection form and meet the 2 CFR 200.512 due date: 30 days after the reports or nine months after year-end.4 min · worked example · 3 self-check questions
  12. 12Corrective action plans, the summary schedule of prior findings and audit follow-upWhat the auditee must put in the corrective action plan and summary schedule under 2 CFR 200.511, and how the auditor follows up on prior findings under 200.514(e).4 min · worked example · 3 self-check questions
  13. 13Subrecipient monitoring and pass-through entity responsibilitiesTest a pass-through entity’s duties under 2 CFR 200.332: subaward information, risk assessment, monitoring, audit verification and management decisions.4 min · worked example · 3 self-check questions
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