Learn and understand the factors that lead to deficient single audits
Develop the skills and understanding on how to perform single audits in line with Uniform Guidance and applicable auditing standards
Be able to identify potential risks to audit quality in performing single audits during the COVID-19 pandemic and develop strategies to manage these risks
Understand the aspects and factors by which unrelated activities may be grouped generically or relationally
Appreciate the conditions by which pass-through UBIT revenue streams are properly assignable to stand-alone silos versus characterized by activity type
Understand what GAAS specifically require when performing audits and how auditors may be able to meet those requirements when it's impracticable to be on-site at a client location.
Identify risks of material misstatement that may be more commonly encountered due to the impact of the pandemic and its after affects on client business operations.
Understand the requirements of FASB's Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, and ASC 606
Apply the recognition and measurement requirements for revenue transactions in the audit process.
Identify presentation and disclosure requirements for revenue transactions under the new revenue recognition standards.