Major Program Determination
Author: Diane Edelstein
| CPE Credit: |
2 hours for CPAs |
The goal of a Single Audit is to give an opinion on Major Programs. The Major Programs are determined by the auditor by following the steps located in Uniform Guidance. We will cover the four steps of major programs determination, the criteria to be a low-risk auditee and the pitfalls that come with doing major program determination. Because Major Program determination starts with the SEFA (Schedule of Expenditures of Federal Awards) we will look at key elements required in the SEFA. It is critical that the steps are done correctly so that the auditor does not miss a major program and need to reissue their audit.
Publication Date: October 2021
Designed For
This session is for auditors conducting Single Audits.
Topics Covered
- Four steps of the major program determination process
- Criteria to be a low-risk auditee
- Pitfalls that come with auditors doing the major program determination
- Key elements required in the SEFA
Learning Objectives
- Identify the four steps of the major program determination process
- Describe the criteria to be a low-risk auditee
- Identify all the pitfalls that come with auditors doing the major program determination
- Identify the largest COVID-19 Federal program subject to single audit to date
- Differentiate which Subpart of the Uniform Guidance prescribes the respective audit requirements
- Identify the steps in a Single Audit
- Identify an auditors responsibility with respect to a Single Audit
- Identify where you should now go to find important program information
- Identify the percentage of coverage rule for an auditee that is not low risk
- Identify the second step in the major program determination and risk assessment
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
Basic understanding of major program determination and uniform guidance.
Advance Preparation
None
