Single audits, as conducted by CPAs, are constantly being reviewed by peer reviewers and regulators. The results of these reviews still indicate a high rate of quality issues in the compliance audit sections, such as, poor documentation, sampling errors, incorrect major-program-determination, etc. The impact to the COVID-19 pandemic is also causing challenges for auditors in their ability to fully execute audit procedures. This session will provide a forum to discuss these common audit quality issues and how to avoid them in the performance of your future single audits. The session will also cover the challenges to audit quality due to COVID-19 and will discuss strategies on how to following the applicable standards in this environment.
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