Yellow Book Independence and Single Audit Fundamentals

After attending this presentation you will be able to...

• Identity the conceptual framework for making independence determinations
  
• Identify independence threats related to preparing financial statements and accounting records
• Identify specific non-audit services that would and would not impair independence
• Complete proper audit documentation to support adequate consideration of auditor independence
• Identify what a single audit entails
• Identify the basic audit requirements in a Uniform Guidance compliance audit
• Identify key auditee and auditor responsibilities in the compliance audit of federal awards
• Recognize key consideration related to the auditor's responsibilities regarding testing and reporting on compliance under the Uniform Guidance

The major topics that will be covered in this class include:

• The conceptual framework approach to independence
• Independence threats related to preparing financial statements and accounting records
• Consideration of specific non-audit services that would and would not impair independence
• Documentation necessary to support adequate consideration of auditor consideration
• Fundamentals of a compliance audit performed under the Uniform Guidance
• Schedule of expenditure of federal awards
• Determination of major programs
• Using the Compliance Supplement 
• Uniform Guidance administrative requirements and cost principles 
• Testing internal control over compliance
• Testing compliance
• Writing an audit finding
• Reporting requirements of a single audit