Completion of this course will assist practitioners in fulfilling the requirements for admission to the Oregon Municipal Roster, in addition to being a resource for training on governmental accounting and auditing. This program is offered once a year – plan early to meet your requirement! This course may be appropriate to meet the biennial CPE requirements to continue on the Municipal Roster.
This course will provide learning on two key areas of importance:
It provides an excellent baseline of information for accountants in understanding the requirements related to performing an audit under the Yellow Book. It is essential that all auditors planning and conducting financial audits in accordance with Generally Accepted Government Auditing Standards (GAGAS, GAS, or simply the “Yellow Book”) understand and be able to discern key concepts and standards accordingly in executing their responsibilities.
And, if you are new to performing single audit, or perhaps you need a refresher on the key concepts of performing a compliance audit of federal audits, this core training is essential. It will elevate your proficiency and efficiency to perform a single audit using the OMB Uniform Guidance. Gain the confidence you need to navigate the difficult requirements of this challenging audit area.
YELLOW BOOK: Qualifies for Yellow Book CPE based on your unique audited entity.
Audit staff new to the single audit process and those needing a refresher of key elements of a compliance audit of federal awards, and Government auditors and public accountants planning or conducting audits in accordance with Generally Accepted Government Auditing Standards (“Yellow Book”).
When you complete this course you will be able to: Recall how the requirements of the Uniform Guidance relate to GAAS and the Yellow Book * Recognize a pass-through entity, recipient, subrecipient, and contractor * Recognize the auditor’s responsibilities related to the SEFA and major program determination * Identify how the compliance supplement relates to the single audit * Recall key points related to the auditor’s responsibility for testing compliance and internal control over compliance * Identify the key reporting requirements in a compliance audit * Identify some common audit deficiencies found in single audits * Identify types of federal awards * Recall the concepts and guidance found in the Yellow Book * Recognize Yellow Book requirements related to CPE, independence, and peer review * Identify the additional requirements for performing a financial statement audit under Government Auditing Standards * Recognize the additional reporting requirements for financial audits.
An overview of a single audit under the Uniform Guidance * Schedule of Expenditures of Federal Awards * Major program determination * Identifying types of compliance requirements and using the compliance supplement * Testing both compliance and internal control over compliance * Reporting requirements in a compliance audit * Common deficiencies found in single audits * Foundation and ethical principles of government auditing * Standards for use and application of Generally Accepted Government Auditing Standards (GAGAS) (“Yellow Book”) * General standards * Standards for financial audits * Latest Developments