Audit Requirements for Federal Grants

Description

Audit Requirements for Federal Grants includes a self-study e-book delivered to you immediately upon purchase.  Answer questions online and receive a certificate of completion for 9.5 hours of CPE!

The Single Audit (an audit of federal grants in compliance with the Uniform Grant Guidance) is part compliance audit and part financial audit.

Let Leita untangle the web of governance for federal grants and guide you through the steps of conducting the audit for a sample federal grant including researching the requirements of the grant, assessing inherent risk, refining the audit objective, applying the Green Book, choosing methodologies, and documenting your work.

Course objectives include:

• Contrast the objective and scope
• Identify the basic questions that auditors seek to answer
• Identify the significant differences between a commercial financial audit and a Single Audit
• Identify the three subjects of the Single Audit
• Identify which federal grant requirements can override other grant requirements
• Identify and arrange the steps in conducting an audit
• Associate the steps of an audit with the phases of an audit
• Identify the requirements for gaining an understanding of an audit subject
• Identify the steps of the audit trifecta
• Assess the strengths and weaknesses in a given criteria
• Distinguish between the four main steps of performing a risk assessment
• Distinguish between the types of inherent risk
• Classify controls into the components of the COSO model of controls
• Distinguish between a control’s design and its implementation
• Distinguish among inherent risk, control risk, and detection risk
• Apply the four basic steps of conducting a risk assessment to a compliance audit
• Distinguish between a workable objective and a vague objective
• Detect weak and vague audit methodologies
• Classify evidence into one of three types
• Differentiate between “sufficient” evidence and “appropriate” evidence
• Distinguish among the elements of a working paper
• Describe the standards for working paper documentation
• Distinguish among the elements of a finding
• Evaluate whether a finding follows the simple rules of logical organization of a finding
• Distinguish between a control test and a compliance test
• Identify the questions that you should consider at the end of your engagements

Recommended CPE credit: 9.5 hours
NASBA Category of Study: Auditing (Governmental)
Program level: Basic
Prerequisites: None
Advance preparation: None
Who should attend: Auditors
Instructional method: Self-study text with online qualified assessment. QAS SS
Author: Leita Hart-Fanta, CPA

This course is also included in the Single Audit Bundle.

Questions? You can find our FAQ here.