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In this workshop participants will learn about addressing risk and internal control in a single audit. Presenters will focus on the internal control requirements of the Uniform Guidance, AICPA, and Yellow Book. Finally, presenters will review the process of identifying effective internal control over compliance and how the auditor decides whether a control is designed and implemented effectively.
Objectives:
- Identify the requirements of UG related to understanding and documenting internal controls over compliance;
- Analyze the fundamental understanding with a step by step approach to documenting internal controls in a single audit;
- Determine whether controls have been placed into operation and are operating effectively.
This workshop will identify the key audit finding elements once an exception or deviation has resulted in a reportable finding. We will explore how to properly classify, report, and communicate findings in accordance with requirements.
Objectives:
- Identify how to report a finding under Uniform Guidance and Government Auditing Standards
- Determine how to evaluate, classify, document and report single audit findings
- Analyze how to avoid common reporting errors when encountering single audit findings
The last year has been one of the more challenging ever for single audits due to the significant influx of federal funding resulting from the COVID-19 pandemic. There will be many of the same types of challenges to address in the coming year. This session will provide an overview of what is happening in the single audit arena. You will learn about:
COVID-19 funding nuances and related single audit implications;
Key information in the OMB Compliance Supplement;
The latest Uniform Guidance and single audit developments;
News from the Governmental Audit Quality Center; and
The single audit landscape looking forward.
Objectives:
- Recognize the impact of COVID-19 funding on single audits
- Determine the latest OMB Compliance Supplement includes
- Apply the latest Uniform Guidance and other single audit developments.
Many institutions must engage in the process of negotiating federal indirect cost rates and non-profits face unique challenges in preparing and negotiating indirect rates. As we go through this process, many of us often wonder if we've done everything within the constraints of the Uniform Guidance (2 CFR Part 200) to maximize our institution's negotiated rate and resulting indirect cost reimbursement. In this session we will present numerous strategies which may be employed to maximize indirect cost recovery, both in the preparation of your indirect cost rate filing, as well as during the subsequent rate negotiation. This will be an interactive session and we will discuss the types of indirect costs that are sometimes overlooked and discuss recent government trends in rate negotiations.
Objectives:
- Determine techniques which may assist in providing enhanced indirect cost recovery in preparing your proposals and negotiating with the government
- Differentiate the types of rates and impact on recovery and risk
- Identify some typical indirect costs that are often overlooked and treated incorrectly in the preparation of rate proposals
Due to the trillions of dollars flowing into the economy from COVID-19 related legislation, many NFPs are now facing a challenge of having to administer federal grants in accordance with applicable regulations. This session will discuss the post-federal award requirements of 2 CFR 200 (Uniform Guidance) as to systems and controls that should be in place to avoid non-compliance with the applicable regulations.
Objectives:
- Determine the main concepts of the administrative requirements of Uniform Guidance
- Identify efforts to develop policies and procedures (internal controls) over the administrative requirements to be able to effectively administer federal awards and be prepared come audit time
Allowable activities/allowable costs is a compliance area that auditors frequently report audit findings and questioned costs. This session will discuss the cost principles of Uniform Guidance as it relates to general principles, direct vs. indirect costs and specific cost area that give grantees the most challenges in their efforts to be compliant.
Objectives:
- Evaluate the main concepts of the cost principles of Uniform Guidance and those high risk areas that require special attention
- Determine how develop policies and procedures (internal controls) over the cost principles to be able to effectively incur costs under federal awards and not fear that they are making missteps that will result in obligations back to the government
Attend this session to learn about a program specific audit, such as, what it is, when you are allowed to use it, and what are the requirements. The presenters will provide a clear overview of a program specific audit and how it relates to a single audit.
Objectives:
- Apply the requirements for performing a program specific audit
- Differentiate when a program specific audit is appropriate verses a single audit.
This session will provide detailed training for developing and auditing challenging SEFAs that include reporting of lost revenues and fiscal periods greater than 1 year. This is training that is beneficial to auditees and auditors.
Objectives:
- Predict potential challenging expenditures and reporting requirements on the SEFA
- Apply the latest guidance when developing and auditing challenging requirements on the SEFA.
This session is designed to provide a deep understanding of the many steps involved in major program determination (MPD) for a single audit. There are specific steps that an auditor must perform in a specific order to identify major programs and if these steps are not performed correctly, your entire audit could fail.
Objectives:
- Identify the correct steps to perform an accurate major program determination
- Apply the major program determination steps in the correct order.
Sampling in a single audit can become complicated. This session will offer a review of single audit sampling and testing basics. Examples will demonstrate how the mixture of facts, decisions and auditor judgments all impact sampling techniques.
Objectives:
- Determine sampling considerations in a single audit.
- Identify key underlying concepts to select a proper sample
With so many new audits, it is a good time to clearly define the responsibilities for auditees and auditors in a single audit. This session will identify the responsibilities and tasks expected of each party in a single audit.
Objectives:
- Differentiate between the responsibilities of an auditee and auditor in a single audit
- Apply the guidance identifying responsibilities for the parties involved in a single audit.
Not all programs our clients receive are listed in the OMB Compliance Supplement. When this occurs, and it happens more often than we think, what is an auditor to do? Luckily the supplement includes Part 7 - Guidance for Auditing Programs Not in this Compliance Supplement, which provides guidance for this specific situation. Attend this session to learn how to audit programs not included in the supplement.
Objectives:
- Assess how to use Part 7 of the compliance supplement to audit programs not included in the supplement.
- Apply the guidance available in Part 7 of the compliance supplement to complete a single audit or program specific audit.
There are often challenging issues in performing a single audit. These can be complex, infrequent, and/or subject to increased auditor judgment. This session will provide you with critical information as you plan your 2022 single audits and will cover commonly asked questions the GAQC is receiving from members on both the Compliance Supplement and the impact of COVID-19 funding on single audits. It will provide participants with a fast-paced lightning round discussion with tips and best practices.
Objectives:
- Determine and utilize the correct answer and guidance for common single audit questions
- Apply best practices and tips for a successful single audit.