List and discuss the purpose and requirements of a “single audit”. Include in your discussion definitions...

List and discuss the purpose and requirements of a “single audit”. Include in your discussion definitions for cognizant and oversight agencies, major programs, and the risk-based approach to single audits:

Expert Solution

Objectives of a single audit

To determine if the entity has complied with direct and material compliance requirements for each major program Single audits:

Are used as a report card by federal funding agencies and passthrough entities
Are used as a tool for federal agencies to address problems at the grantee level or to make broad changes/improvements to federal programs
Provide assurance to users regarding compliance and information about a non-federal entity’s internal control over compliance

Scope of the single audit

Conducted in accordance with both GAAS and GAGAS
Covers entire operations of the entity
Auditor provides an opinion on whether financial statements are presented fairly
Auditor gains understanding of and tests internal control over compliance
Auditor opines on compliance with federal statutes, regulations, and the terms and conditions of federal awards that may have a direct and material effect on each of its major programs
Auditor responsible for following up on prior audit findings

Risk assessment and major program determination

Major programs are programs auditor is required to audit
In general, major programs are those that are large, risky, and/or new (Part 2 of series will go into detail)
Major program determination process is defined in the UG; basically is a “prescription” for assessing the size and risk of programs
Process is complex, involving some judgment, that historically has resulted in audit quality problems
Must be done accurately and early in the process; and reviewed again before the end
Must clearly document program risk assessment

ekkarill92 answered 1 year ago

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