Avoiding Problems in Conducting Single Audits

Description

Cover the problems that the Federal Offices of Inspector General noted when it reviewed single audits. Engage in a discussion about techniques for addressing those issues.

The Single Audit Act of 1984, as amended, requires a single, organization-wide financial and compliance audit for state and local governments. The goal is to improve auditing and management of federal funds provided to state and local governments.

Highlights

• Federal OIG concerns about single audits.
• Assessing internal controls when auditing grant compliance.
• Federal grant rules and expectations for audit findings.
• Sampling problems.

Objectives

• Determine how to implement the COSO framework when auditing grant compliance.
• Recognize the rules that govern federal grants.
• Identify federal expectations for finding development.
• Identify the interests of the federal OIG.

Designed For

CPAs and auditors.