Understanding Single Audits
Course Overview
This on-demand learning course is designed to explore the essential principles of a Single Audit resulting from the receipt of federal financial assistance. The course provides guidance on the Single Audit process and outlines both the auditee’s and auditor’s responsibilities. You will have the opportunity to learn about this topic, apply the information, and receive feedback on your application. This course should take approximately 30 to 45 minutes to complete.
Who Will Benefit
CFO/Finance Director, Controller, Accountant
Learning Objectives
- Distinguish when a Single Audit is required, the two main components of a Single Audit, and the key requirements for each.
- Explain the major purpose of a Schedule of Expenditures of Federal Awards (SEFA) and the determination of major programs.
- Explain the required auditor reports and letters of a Single Audit.
- Recognize the auditee’s responsibilities in a Single Audit and the documents that must be submitted to the Federal Audit Clearinghouse.