How to Get a Better Return on Yellow Book and Single Audits - Avoiding the Most Misapplied Audit Concepts

Overview

Yellow Book and Single Audit reporting entities have complex and unique financial statement audit, compliance and reporting issues. Deficiencies in these types of audit engagements are common. This course will reduce the likelihood of noncompliance with relevant professional and regulatory auditing and reporting standards.

Objectives

• Describe the differences in the auditor's responsibility between generally accepted auditing standards, generally accepted government auditing standards, and OMB Uniform Guidance
• Explain common deficiencies in Yellow Book and Single Audit engagements
• Apply best practices for designing and performing tests of internal controls and compliance with major federal programs
• Discuss the special reporting requirements of Yellow Book and Single Audit engagements

Highlights

• Discover the fundamental differences in the auditor's responsibilities between financial statement audits performed in accordance with the SASs and Yellow Book 
• Understand risk assessment factors above those associated with a financial statement audit only
• Learn what must be done beyond the financial statement audit in order to issue required Yellow Book and Single Audit reports on internal controls and compliance
• Master designing, performing and documenting effective and efficient tests of compliance requirements
• Practice identifying, documenting and communicating the impact of internal control deficiencies and compliance audit findings to the client
• Common peer review deficiencies