Objectives
• Assess risk when planning a compliance audit of federal awards.
• Evaluate whether the requirements related to the Schedule of Expenditures of Federal Awards (SEFA) have been met in your audit engagement.
• Evaluate whether major federal programs to be audited have been appropriately identified.
• Interpret the requirements for understanding internal control, assessing the level of control risk, and testing the effectiveness of internal control relative to federal awards.
• Interpret and evaluate the reporting requirements of a single audit.
• Interpret and evaluate guidance regarding sampling in a compliance audit.
• Identify considerations related to pass-through entities.
Major Topics
• Planning the compliance audit and other risk assessment considerations
• Required elements of the SEFA
• Major program determination process, including the considerations of clusters, loans, and loan guarantees
• Considerations when assessing and evaluating internal controls over compliance
• Evaluating and reporting on applicable compliance requirements related to compliance testing
• Considerations of pass-through entities and subrecipients
• Audit sampling in a compliance audit
• Advanced audit reporting issues
