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Audit Risk Alert. Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2017/18. AICPA

  • ID: 4449305
  • Book
  • December 2017
  • 48 Pages
  • John Wiley and Sons Ltd
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This book focuses on areas of change in audits performed under the Uniform Guidance, highlighting those areas which may be challenging or frequently misunderstood. It also discusses emerging practice issues and current developments related to entities subject to an audit performed under Government Auditing Standards and the OMB Uniform Guidance, and provides information to help you identify significant risks that may affect an audit of entities receiving federal awards. In addition, this alert provides a summary of proposed revisions to Government Auditing Standards as found in the exposure draft to assist you in keeping up to date on the proposed revisions to the Yellow Book.

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Government Auditing Standards and Single Audit Developments 2017/18 .01–174

How This Alert Helps You      01–07

Revision to Government Auditing Standards      08–19

Competence    12

Continuing Professional Education    13

Internal Control 14

Quality Control 15

Peer Review    16

Standards for Financial Audits    17

Attestation Engagements and Reviews of Financial

Statements    18

Performance Audits    19

2017 OMB Compliance Supplement    20–24

Federal Agency and Other Activities 25–40

COFAR Disbanded    25–28

Federal Audit Clearinghouse 29–31

Student Financial Aid 32–33

U.S. Department of Health and Human Services (HHS)

Head Start    34–35

CIGIE Guides    36–37

GAO Study on Federal Agency Oversight of Federal

Awards 38–40

Implementing Regulations of Federal Agencies 41–43

Uniform Guidance Effective Dates 44–48

Uniform Guidance Procurement Standards Grace Period Extended    46–48

Uniform Guidance Considerations for Auditees     49–81

Introduction    49–50

Auditee Requirements Related to Internal Control 51–53

Procurement Standards      54–55

Subrecipient Monitoring and Management 56–62

Subpart Indirect (F&A) Costs    63–69

Auditee Requirements in Subpart F    70–81

Performing the Uniform Guidance Compliance Audit 82–97

Internal Control in the Compliance Audit      83–87

Dual Purpose Testing 88–89

Schedule of Expenditures of Federal Awards     90–91

Major Program Determination Under the Uniform

Guidance Determination of Type A Major Programs 92–96

Schedule of Findings and Questioned Costs 97

Audit Quality Study 98–106

What Can Auditors Do to Enhance Audit Quality?    100–106

Enhancing Audit Quality Initiative 107–110

Audit Deficiencies Found in Single Audits    111–115

Summary of Matters Found in Recent Peer Reviews 112–115

Audit and Attest Developments 116–123

Clarified Attestation Standards Effective 116–118

AICPA Competency and Learning Website     119–123

AICPA GAQC    124–135

AICPA Single Audit Certificate Programs    136–137

AICPA Not–for–Profit Initiatives        138–143

NFP Member Section 139

NFP Certificate Programs        140–143

On the Horizon 144–149

Federal Audit Clearinghouse Single Audit Pilot Project    147–149

Resource Central    150–174

Publications    151–153

Continuing Professional Education    154–155

Webcasts 156–157

Industry Conferences 158–162

Member Service Center      163–166

The Center for Plain English Accounting 167

AICPA Online Professional Library: Accounting and

Auditing Literature 168

Financial Reporting Center of AICPA.org 169–170

AICPA Industry Expert Panels 171–172

Industry Websites 173–174

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