Single Audit Series
Need 24 hours of CPE in governmental topics?
Consider this: The Single Audit Series
3 Seminars Designed Specifically for Single Auditors
Qualifies for the 24 hours of Yellow Book CPE
3 TOPICS, 3 PRESENTERS, 3 DAYS!
- Yellow Book Standards—Leita Hart-Fanta, CPA, CGFM, CGAP
- Single Audit Standards—Bill Allen, Jr., CPA
- GASB Update—Terry Patton, Ph.D., CPA., CGFM
June 1–3, Phoenix, Black Canyon Conference Center
June 8–10, Fort Worth, Norris Conference Center
June 15–17, Orlando, Springhill Suites Marriott Airport
DAY 1: An Introduction to Yellow Book Standards
The GAO's standards are currently the most stringent auditing standards on continuing education, independence, and quality control review. OMB Circular A-133 (The Single Audit Requirements) mandates the use of the Yellow Book in conducting audits of significant federal grants, including ARRA funds. Major topics include: Audit plans, audit reports, continuing education, independence, ethics, and quality control.
- Define requirements for peer review and quality control
- Use the elements of a finding to flesh out an audit issue
- Recognize when the yellow book is applicable
- Assess auditor independence when conducting non-audit services
- Determine compliance with reporting, evidence, planning, and documentation requirements
DAY 2: OVERVIEW A-133 AUDIT
Performing A-133 audits and implementing the new "Risk-Based" audit standards should not be a losing battle and/or result in write downs. Instead, learn how to win the war using effective and efficient audit tools and techniques. Start by reviewing live examples to learn what types of risk exists in A-133 audits. Then move forward as you discover where to look and how to design appropriate tests for proficiently auditing major programs and discovering if misstatements exist.
If you are having working paper issues and/or trouble with A-133 audit forms provided by a third party vendor this session will provide you with some working paper tips and some logical forms and ways to perform a Single Audit. The course will show you what must be done in a single audit to avoid Federal Quality Reviews and when to use Computer Assisted Audit Techniques (CAATs) to increase your proficiency. Major subjects include: Federal awards, including ARRA grants, single audit sampling, SAS 117, the new AICPA audit guide, risk assessment, federal guidance including the compliance supplement, tips for audit efficiency, and data mining.
- Locate federal awards guidance and requirements
- Assess risk and determining the major programs
- Discern significant sections of the Compliance Supplement
- Discuss how to proficiently perform an A-133 audit
- Use data mining to assist in performing an A-133 audit
DAY 3: GASB Standards and Applications
The GASB has been busy again—issuing several new standards over the last year. When you leave this session, you will be up-to-date on the requirements of the new GASB Standards and what to expect in the near future. Participants will learn the recently issued Standards by working through short simulations, answering implementation questions, and reviewing examples from government’s financial statements.
Major topics include: Changes to governmental fund balance definitions, changes to governmental fund type definitions, the financial instruments omnibus, changes to reporting entity reporting requirements, service concession arrangements, pensions and OPEB, the codification of Pre-November 30, 1989 FASB and AICPA pronouncements
- Describe and apply the new governmental fund balance reporting requirements
- Define and apply the new governmental fund type definitions
- Interpret the financial instruments omnibus
- Describe and apply the new reporting entity reporting requirements
- Describe and apply the new service concession arrangements reporting requirements
- Review financial reporting for pensions and OPEB
- Review the codification of Pre-November 30, 1989 FASB and AICPA pronouncements
Who should attend: Auditors seeking to comply with OMB Circular A-133
Program level: Intermediate
Prerequisites: More than one year of auditing experience
Delivery method: Group live
Recommended CPE credit: 24 hours
Leita Hart-Fanta, CPA, CGFM, CGAP makes auditing fun and easy. Leita is the author of numerous self-study courses on governmental auditing including The Yellow Book Interpreted and The Risk Assessment SASs. She is the creator and owner of Yellowbook-CPE.com and has led over 900 seminars and workshops for state societies of CPAs, Western CPE, CPA firms, and federal and local government audit shops. She is a monthly columnist for Single Audit Magazine. www.auditskills.com
William V. Allen, Jr., CPA (The Audit Wizard) Bill is currently President of Making Auditors Proficient, inc (MAP). MAP provides training, technical assistance, monitoring, inspections and other services to local CPA firms throughout the United States. Their specialty and what gives them a unique approach to the various services is their proficiency in logical auditing resulting in effectiveness and efficiency in audits. Bill is a recognized expert in Audits of Governmental and Not-For-Profit Entities as well as Single Audits. He was the Audit Partner for the City of Los Angeles audit from 1985 to 1991. He was also a Partner in a Local Firm in northern California with responsibility for over 50 small and medium sized audit engagements. In addition to his audit practice, Bill performs many peer reviews throughout the country. Bill is also a speaker at many State and National Conferences and is currently serving a third term as a member of the Florida Institute of CPA’s Peer Review Committee. He is also a former member of the AICPA Government Accounting and Auditing Committee. www.billallen.com
Terry Patton, Ph.D., CPA., CGFM, is the Robert Madera Distinguished Professor of Accounting at Midwestern State University in Wichita Falls, Texas, where he teaches governmental accounting and auditing courses. He is the author of numerous articles on governmental accounting; co-author of a leading governmental accounting textbook, Governmental and Nonprofit Accounting, 9th Edition Revised (Pearson-Prentice Hall); and was coauthor of PPC’s Guide to Governmental Financial Reporting Model: Implementing GASB’s No. 34. Previously, Dr. Patton was the Research Manager at the Governmental Accounting Standard Board (GASB). In his eight years at the GASB, he was part of the project team on numerous GASB Standards, including major projects such as GASB Statement No. 34, Basic Financial Statements – Management’s Discussion and Analysis – for State and Local Governments, Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, and Statement No. 53, Accounting and Financial Reporting for Derivatives.