There are a number of sets of auditing standards that could possibly apply to an auditor engaged in auditing state and local governments, including the audits of federal funds expended by these types of governments. Specifically, these three sets of standards are the AICPA Clarity Audit Standards, also known as Generally Accepted Auditing Standards (GAAS), Government Auditing Standards (GAS), also known as the Yellow Book, and of course, Uniform Guidance, also known as the Single Audit. This government auditing CPE course will take a look at the most recent changes to all three sets of auditing standards and reveal any new insights as to not only what the changes are, but why the changes were contemplated.
Learning Objectives
Upon successful completion of this course, participants will have an understanding of:
Procurement- Update
UG Update Procurement & the Supplement
Procurement prior confusion and thresholds
Informal procurement method- Micro-purchases, Thresholds- NEW self- selction of higher threshold up to $50,000, requires cognizant agency approval, Small purchase procedures, simplified acquisition thresholds
Formal procurement method
Noncompetitive procurement
Changes in Subpart D- Post Federal Award Requirements- section 200.322 , 200.328, 200.329
Procurement Competition- section 200.219
Conflict of interest
Common compliance deficiencies
Subrecipient/ Contractor determination
Auditing findings- MGMT decisions
Expanded use of the 10% De Minimis Rate- section 200.414, definitional changes, period of performance, improper payment, section 200.215, changes to subpart E, Cost
Principles, changes in subpart F Audit requirements
Audit risks and issues
Covid- 19 identification- COVID-19 SEFA example
Common deficiencies
Determining major federal programs
Identifying type A programs
Major program determination- a threshold (section 500.518)
Internal controls- control considerations
Major Topics
UG Update Procurement & the Supplement
Prior Confusion and Thresholds
Micro-purchases
Small Purchases
Subrecipient Monitoring & Management
Indirect Cost Rate
Major Program Determination
High-Type B Programs
Direct and Material Compliance Requirements
Internal Controls
A Walk-Through of Part 6
