A133-W02
OMB A-133 from A to Z

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Date/Time: Wednesday, July 25, 2012, 9 a.m.- 5 p.m. Eastern (see all dates)

Presenter(s): Charles Blanton, CPA

To properly communicate, one must know all the letters of the alphabet and rules on how they fit together. To properly perform Single Audits, one must know all of the OMB Circular A-133 audit elements and rules on how they fit together. The purpose of this course is to make sure your Single Auditing skills stand out in this challenging audit area. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:

• The current state of the A-133 auditing landscape
• Overview of the Single Audit Act, OMB Circular A-133, and the Compliance Supplement - how Single Audits differ from conventional audits
• Key planning considerations in OMB A-133 audits
• Thoroughly understand the Schedule of Expenditures of Federal Awards (SEFA) - who prepares it, its importance, and the auditor's responsibility related to it
• Major program determination and selection - properly identifying Type A and Type B programs, high-risk and low-risk programs, and the percentage-of-coverage rule
• Consideration of internal control over compliance for major programs, including utilization of the Compliance Supplement
• Compliance auditing applicable to major programs - including utilization of the Compliance Supplement
• Sampling considerations
• Audit considerations related to federal pass-through awards
• Reporting requirements and other communication considerations in Single Audits - properly reporting audit findings, the Schedule of Findings and Questioned Costs, Data Collection Form, other key reporting issues
• Program-specific audits

Learning Objectives:

• Stay current in this complex and ever-changing auditing environment
• Increase audit effectiveness by perceiving how the key OMB A-133 audit requirements relate to each other
• Perform more efficient Single Audits through enhanced understanding of the OMB A-133 requirements

Designed For: Auditors performing OMB Circular A-133 audits

Course Level: Intermediate

CPE Credits: 8, Auditing

Prerequisite: Basic OMB A-133 audit knowledge

Advance Preparation: None

Yellow Book Credit: Yes

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