Audit Guide

Fully updated for the OMB Uniform Guidance for federal awards. The new Uniform Guidance requirements have introduced extensive revisions to single audit engagements that affect the entire audit process, from the engagement letter to reporting on the single audit. Changes have also been made to federal agency requirements, administrative requirements, cost principles to which federal awards are subject, and more. Navigating these changes will require vigilance throughout the entire process in order to ensure that your engagements are compliant. This guide will assist you with understanding these significant revisions and correctly applying them in your single audit engagements. It also provides nonfederal entities receiving federal awards with important information on implementing the Uniform Guidance.Key Benefits: * Develop an understanding of generally accepted government auditing standards (GAGAS), including the requirements related to auditor independence * Gain an understanding of the requirements for performing a Uniform Guidance compliance audit, including major program determination * Understand the unique audit areas related to a compliance audit of federal awards, including internal control over compliance for major programs * Review illustrative auditor reports for both the financial statement audit performed under GAGAS and the compliance audit performed under the Uniform Guidance * Understand the transition considerations that may be encountered in the Uniform Guidance compliance audit Who Will Benefit? * Auditors performing Uniform Guidance compliance audits and management of entities that receive federal awards.