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Single Audit Fundamental Series Part 1: What is a Single ...

Single Audit Fundamentals Part 1: What is a Single Audit ? August 26, 2020 Governmental Audit Quality CenterEarning CPED isable allpop-up blockersDo not enlarge any windows as they can block you from seeing CPE markersAny answer counts towards CPE creditEarn credit by responding to 75% of pop-upsClick the CPE buttonat the end of this webcast to claim your CPE certificateIf you viewed this webcast as a group, fill out the Group Viewing Form located in the same windowA post event e-mail with CPE information will be sent to you2 Per NASBA, you cannotearn CPE credit by watching the archive of this Helpful Hints3 Adjust your volume Be sure your computer s sound is turned on. Click this button. Slide the control up or down to fit your your questions Feel free to submit content related questions to the speaker by clicking this button.

A policy official of the awarding agency who can be responsible for overseeing agency management’s role in audit resolution Key Management Single Audit Liaison Responsibilities defined in UG and include serving as the agency’s management point of contact for the single audit process both within and outside the federal government

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Transcription of Single Audit Fundamental Series Part 1: What is a Single ...

1 Single Audit Fundamentals Part 1: What is a Single Audit ? August 26, 2020 Governmental Audit Quality CenterEarning CPED isable allpop-up blockersDo not enlarge any windows as they can block you from seeing CPE markersAny answer counts towards CPE creditEarn credit by responding to 75% of pop-upsClick the CPE buttonat the end of this webcast to claim your CPE certificateIf you viewed this webcast as a group, fill out the Group Viewing Form located in the same windowA post event e-mail with CPE information will be sent to you2 Per NASBA, you cannotearn CPE credit by watching the archive of this Helpful Hints3 Adjust your volume Be sure your computer s sound is turned on. Click this button. Slide the control up or down to fit your your questions Feel free to submit content related questions to the speaker by clicking this button.

2 Someone is available to assist with your technology and CPE related questions, as well. Download your materials Access today s slides and learning materials by clicking this download button at any time during this presentation. If you need help accessing these materials, send a message through the Q&A Closed Captioning Enable Closed Captioning by clicking the CC box found at the bottom of your screen. If you are watching a rebroadcast, the CC button is located within the Media s Oakley,CPA,Partner,BKD LLPA manda Ward, CPA, Partner,Plante Moran4 Single Audit Fundamentals A Four Part SeriesPart 1, What is a Single Audit ? A Basic Background and OverviewPart 2, Major Program DeterminationPart 3, Understanding and Testing Compliance Requirements and Internal Control over CompliancePart 4, Overview of Sampling and Single Audit Reporting5 Part 1 -what we will cover todayBackground and overview of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (UG or Uniform Guidance)

3 Scope of the Single auditAuditee and auditor responsibilitiesFederal agency responsibilitiesSingle Audit overviewDescription and characteristics of federal awardsPass-through awards and subrecipientsOverview and use of the AICPA GAS-SA Guide6 Terminology and abbreviations7 CFDAThe term CFDA has been replaced with Assistance ListingIGInspector GeneralCFOC hief Financial OfficersNFPNot-for-Profit OrganizationCPEC ontinuing Professional EducationOMBO ffice of Management and BudgetDCFData Collection FormPTEPass-Through EntityFAQF requently Asked QuestionsR&DResearch & DevelopmentFARF ederal Acquisition RegulationSFAS tudent Financial AssistanceGAASG enerally Accepted Auditing StandardsSF-SACData Collection Form or DCFGAGASG enerally Accepted Government Auditing Standards or Yellow BookSEFAS chedule of Expenditures of Federal AwardsGAOG overnment Accountability Office UGUniform GuidanceGAS-SA GuideAICPA Audit Guide, Governmental Auditing Standards and Single AuditsYBYellow BookBackground and overview of the Uniform GuidanceWhat gives the Single Audit its authority?

4 9 Single Audit Act Amendments of 1996 Enacted to streamline and improve the effectiveness of audits of federal awards and to reduce the Audit burden on states, local governments, and not-for-profit entities Detailed implementation requirements for Single audits contained in regulationUniform Guidance Current regulation that implements the Single Audit ActAgencies adopt the Uniform Guidance in 2 CFR10300-399 DEPARTMENT OF HEALTH AND HUMAN SERVICES400-499 DEPARTMENT OF AGRICULTURE600-699 DEPARTMENT OF STATE700-799 AGENCY FOR INTERNATIONAL DEVELOPMENT800-899 DEPARTMENT OF VETERANS AFFAIRS900-999 DEPARTMENT OF ENERGY1000-1099 DEPARTMENT OF TREASURY1100-1199 DEPARTMENT OF DEFENSE1200-1299 DEPARTMENT OF TRANSPORTATION1300-1399 DEPARTMENT OF COMMERCE1400-1499 DEPARTMENT OF THE INTERIOR1500-1599 ENVIRONMENTAL PROTECTION AGENCY1800-1899 NATIONAL AERONAUTICS AND SPACE ADMINISTRATION2000-2099

5 UNITED STATES NUCLEAR REGULATORY COMMISSION2200-2299 CORPORATION FOR NATIONAL AND COMMUNITY SERVICE2300-2399 SOCIAL SECURITY ADMINISTRATION2400-2499 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT2500-2599 NATIONAL SCIENCE FOUNDATION2600-2699 NATIONAL ARCHIVES AND RECORDS ADMINISTRATION2700-2799 SMALL BUSINESS ADMINISTRATION2800-2899 DEPARTMENT OF JUSTICE2900-2999 DEPARTMENT OF LABOR3000-3099 DEPARTMENT OF HOMELAND SECURITY3100-3199 INSTITUTE OF MUSEUM AND LIBRARY SERVICES3200-3299 NATIONAL ENDOWMENT FOR THE ARTS3300-3399 NATIONAL ENDOWMENT FOR THE HUMANITIES3400-3499 DEPARTMENT OF EDUCATION3500-3599 EXPORT-IMPORT BANK OF THE UNITED STATES3600-3699 OFFICE OF NATIONAL DRUG CONTROL policy , EXECUTIVE OFFICE OF THE PRESIDENT3700-3799 PEACE CORPS5800-5899 ELECTION ASSISTANCE COMMISSION5900-5999)GULF COAST ECOSYSTEM RESTORATION COUNCILWho are the key players?

6 11 OMB -responsible for issuance and maintenance of Single Audit regulation and coordinating with grant-making federal agenciesGrant-making agencies (see previous slide)GAO -responsible for issuance of Government Auditing Standards FAC -Collects/disseminates Single Audit information on behalf of OMBWho are the key players?12 Single Audit Coordinators Position in each IG office responsible for preventing/detecting fraud, waste, and abuse Often responsible for desk reviews and quality control reviews of Single audits Usually familiar with the Audit requirements Single Audit Accountable OfficialA policy official of the awarding agency who can be responsible for overseeing agency management s role in Audit resolutionKey Management Single Audit Liaison Responsibilities defined in UG and include serving as the agency s management point of contact for the Single Audit process both within and outside the federal governmentAccessing key Single Audit -related information13 How to access the Uniform Guidance Codified in Title 2 of CFR.

7 Subtitle A, Chapter II, Part 200 Electronic Code of Federal Regulations (e-CFR)versionOMB Federal Financial Management Web site Access the Compliance SupplementonOffice of Federal Financial Management page Various additional UG related documents at: Office of Federal Financial ManagementCFO Council Uniform Guidance pageFAQ document updated as of July 2017 Accessing key Single Audit -related informationGAOG overnment Auditing StandardsFederal Audit Clearinghouse14 Key sections of the Uniform Guidance15 Subpart A, Acronyms & DefinitionsSubpart B, -GeneralSubpart C, Award-Federal Subpart D, Post Award RecipientsSubpart E, Cost PrinciplesSubpart F, Audit11 Appendices I through XI Appendix X SF-SAC Appendix XI Compliance SupplementScope of the Single auditWhen is a Single Audit required?

8 17$750,000 When a non-federal entity expends $750,000 or more offederal awards (either direct or indirect awards) in their fiscal year (b)What is a non-federal entity? Includes all of the following that carry out a federal award as a recipient or subrecipient:18 States and local governmentsNot-for-profit organizationsIndian tribesInstitutions of higher education (IHE) of a Single audit19To determine if the entity has complied with direct and material compliance requirements for each major programSingle audits: Are used as a report card by federal funding agencies and pass-through entities Are used as a tool for federal agencies to address problems at the grantee level or to make broad changes/improvements to federal programs Provide assurance to users regarding compliance and information about a non-federal entity s internal control over complianceScope of the Single audit20 Conducted in accordance with both GAAS and GAGASC overs entire operations of the entityAuditor provides an opinion on whether financial statements are presented fairlyAuditor gains understanding of and tests internal control over complianceAuditor opines on compliance with federal statutes, regulations.

9 And the terms and conditions of federal awards that may have a direct and material effect on each of its major programsAuditor responsible for following up on prior Audit findings the entity to be audited21 Single Audit must cover the entire operations of the auditee The auditee has the option to meet the Single Audit requirement through a Series of audits If this option is taken, the Audit must include a Series of audits that cover departments, agencies, and other organizational units (referred to below as units) that expended or otherwise administered federal awards during the Audit period Only permitted if each Audit encompasses the financial statements and the SEFA for each unit which must be considered a non-federal entity The financial statements and SEFA must be for the same Audit period.

10 (a)Scope of the Single Audit relation to other Audit requirements22 Single Audit is meant to be in lieu of any financial Audit of federal awards that an entity is required to undergo under any other federal statutes, regulations, and terms and conditions of federal awardsHowever, federal agencies may conduct or arrange for additional audits to carry out their responsibilities under federal statutes, regulations, and terms and conditions of federal awards. is a program-specific Audit ?23 Allowed under the Single Audit Act and the UG in certain circumstances Auditee expends federal awards under only one federal program (excluding R and The federal program s laws, regulations, or grant agreements do not require a financial statement Audit of the auditeeAudit requirements defined in the UG Include an Audit of an entity s compliance with direct and material compliance requirements as they relate to an individual federal program No financial statement Audit (c) & of Yellow Book to Single audit24 GAGAS vs.)


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