Audit GuideGovernment Auditing Standards and Single Audits 2018
AICPA Audit Guide 1. Aufl.
This annual edition provides accountants and other financial professionals with assistance in understanding and applying the special considerations required in a single audit. It is an indispensable resource for auditors performing Yellow Book audits. This new edition provides up-to-date information and expert guidance on single audits and Uniform Guidance compliance audit requirements, including example auditor reports for both the reporting required under Government Auditing Standards and the Uniform Guidance compliance audit.
Chapter 1 Introduction and Overview of Government Auditing Standards 01-19 Purpose and Applicability of This Guide 01-11 Overview of Government Auditing Standards 12 -19 Applicability of Government Auditing Standards 12-13 Additional Requirements of Government Auditing Standards 14-15 Use of Terminology to Define Government-Auditing Standards Requirements 16 -19 Chapter 2 Government Auditing Standards—Ethical Principles and General Standards 01-51 Introduction 01 Government Auditing Standards—Ethical Principles 02-05 Government Auditing Standards—General Standards 06-50 Independence 07-30 Professional Judgment 31-33 Competence 34-42 Quality Control and Assurance 43-45 External Peer Review 46-50 Appendix—Government Auditing Standards Conceptual Framework for Independence 51 Chapter 3 Planning and Performing a Financial Statement Audit in Accordance With Government Auditing Standards 01-71 Introduction 01-03 Agreeing Upon the Terms of the Engagement with Management 04-07 Planning the Audit 08-15 Communications with Other Entities 15Group Audits 16 Materiality 17-18 Audit Documentation 19-22 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 23-31 The Entity’s Internal Control 25-28 Identifying and Assessing the Risks of Material Misstatement 29-31 Performing Audit Procedures and Evaluating Audit Evidence Obtained 32-35 Tests of Controls 34-35 Consideration of Fraud 36-42 Assessing the Risk of Material Misstatements Resulting From Fraud 40-42 Consideration of Laws and Regulations in an Audit of Financial Statements 43-52 Consideration of Abuse 53 58 Evaluating Identified Misstatements 59 Developing Elements of a Finding 60 The Auditor’s Communication With Those Charged With Governance 61-65 Communicating Internal Control Matters Identified in an Audit 66 Written Representations From Management 67 68 Other Considerations 69-70 Exit Conference 69-70 Appendix—Examples of Deficiencies in Internal Control 71 Chapter 4 Auditor Reporting Requirements and Other Communication Considerations of Government Auditing Standards 01-89 Introduction 01 Report on the Financial Statements—GAAS Requirements 02-04 Additional Reporting Requirements of Government Auditing Standards 05-06 Reporting on Internal Control over Financial Reporting and on Compliance 07-12 Internal Control over Financial Reporting 13-23 Fraud, Noncompliance With Provisions of Laws, Regulations,Contracts, and Grant Agreements, and Abuse 24-45 Fraud 25-30 Noncompliance with Laws and Regulations 31-34 Noncompliance with Provisions of Contracts and Grant Agreements and Abuse 35-38 Other Considerations 39 Additional Considerations Related to Fraud, Noncompliance with Provisions of Laws, Regulations, Contracts, and Grant Agreements, and Abuse 40-42 Government Auditing Standards—Reporting Findings Directly to Parties outside the Entity 43-45 Report on Audited Financial Statements 46-52 Other Considerations—Citing Compliance with Government Auditing Standards in the Auditor’s Report 49-51 Other Reporting Responsibilities in an Audit of Financial Statements 52 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 53-54 Other Reporting and Communication Considerations 56-84 Findings—Deficiencies in Internal Control, Noncompliance with Provisions of Laws, Regulations, Contracts and Grant Agreements, Fraud, and Abuse 56-63 Reporting Views of Responsible Officials and Planned Corrective Action 64-67 Distributing Reports 68 Reporting Confidential and Sensitive Information 69-72 Other Written Communications 73-74 Portions of the Entity Not Audited in Accordance With Government Auditing Standards 75-77 Referring to the Work of a Component Auditor 78-84 Freedom of Information Act and Similar Laws and Regulations 85-86 Assurance to Regulators and Oversight Agencies 87-88 Appendix—Illustrative Auditor’s Reports under Government Auditing Standards 89 Chapter 5 Overview of the Single Audit Act, the Uniform Guidance Audit Requirements, and the Compliance Supplement 01-51 Introduction 01-02 Uniform Guidance 03 Single Audit Act and Uniform Guidance Audit Requirements 04-47 Objectives of a Single Audit 04-08 General Audit Requirements 09-20 Reporting Matters 21-23 Auditor Selection and Audit Costs 24-25 Basis for Determining When Federal Awards Are Expended 26-27 Subrecipient and Contractor Determinations 28 Major Program Determination 29-32 Auditee Responsibilities 33-39 Federal Awarding Agency Responsibilities 40 Pass-Through Entity Responsibilities 41 Cognizant Agency for Audit 42-43 Oversight Agency for Audit 44-45 Program-Specific Audits 46 Required Government-wide Evaluation of Single Audit Quality 47 OMB Compliance Supplement 48-49 Frequently Asked Questions 50 Reference Materials 51 Chapter 6 Auditor Planning Considerations under the Uniform Guidance 01-74 Introduction 01-02 Adapting and Applying Applicable Auditing Standards to a Uniform Guidance Compliance Audit 03-06 Identifying Supplementary Audit Requirements 07 Agreeing Upon the Terms of the Engagement With Management 08-09 Financial Statement Audit Considerations 10-13 Developing an Efficient Audit Approach 14 Defining the Entity to Be Audited 15 Determining the Audit Period 16-17 Fiscal Year and Program Period May Differ 16 Stub Periods 17 Initial-Year Audit Considerations 18-19 Preceding Period Audited by another Auditor 18 Factors to Consider Under the Risk-Based Approach 19 Timing of the Completion of the Audit and Report Submission Deadlines 20 Determining the Major Programs to Be Audited 21 Identifying Direct and Material Compliance Requirements 22-24 Audit Risk of Noncompliance Considerations 25-35 Components of Audit Risk of Noncompliance 27-29 Performing Risk Assessment Procedures 30-35 Assessing the Risks of Material Noncompliance 36-46 Assessing the Risks of Material Noncompliance Due to Fraud 41-46 Audit Materiality Considerations 47-52 Materiality Differences between the Financial Statement Audit and the Uniform Guidance Compliance Audit 48-49 Materiality for Purposes of Reporting Audit Findings 50-52 Audit Documentation 53 Audit Documentation Access and Audit Follow-Up 54-56 Audit Documentation Access and Retention 54-55 Audit Follow-Up 56 Group Audit Considerations in a Uniform Guidance Compliance Audit 57-59 Existence of an Internal Audit Function 60-69 Considerations Related to the Internal Audit Function 62-69 Communications with the Cognizant or Oversight Agency for Audit and Others 70 State and Local Compliance Requirements 71 Desk Reviews and On-Site Reviews 72-73 Restriction on the Auditor’s Preparation of Indirect Cost Proposals 74 Chapter 7 Schedule of Expenditures of Federal Awards 01-41 Introduction 01-02 Identification of Federal Awards 03-05 Federal Agency and Pass-Through Entity Requirements 03-04 Auditee Requirements 05 General Presentation Requirements 06-14 Basis of Accounting 07 Required Content for the Schedule of Expenditures of Federal Awards 08-09 Providing Additional Information 10 Organizing the Content of the Schedule of Expenditures of Federal Awards 11 Inclusion of Nonfederal Awards 12 Considerations Relating to State Awards 13 CFDA Number Not Available 14 Subwards 15 Treatment of Subawards 15 Commingled Assistance 16 Determining the Value of Federal Financial Assistance 17-21 Treatment of Noncash Assistance and Other Federal Financial Assistance 17-18 Determining the Value of Federal Financial Assistance Expended 19 Loan and Loan Guarantee Continuing Compliance Requirements 20-21 Audit Considerations Related to the Schedule of Expenditures of Federal Awards 22-37 Conditions for and Procedures Related to Issuing the In-Relation-To Opinion 22--23 Schedule May Not Agree With Other Federal Award Reporting 24-29 Additional Auditor Requirements Relating to Compliance Audit Objectives and Internal Control Over Compliance 30-33 Documentation Requirements 34 Management Representations Relating to the Schedule of Expenditures of Federal Awards 35 Subsequent Events 36 Reporting on the Schedule of Expenditures of Federal Awards 37 Issuing an Opinion on the Schedule of Expenditures of Federal Awards under AU-C Section 805 When the Auditor Is Engaged to Perform Only the Compliance Audit Under the Uniform Guidance 38-40 Appendix—Illustrative Schedules of Expenditures of Federal Awards 41 Chapter 8 Determination of Major Programs 01 32 Introduction 01 Determining Major Programs under the Uniform Guidance 02-19 Step 1—Determination of Type A and Type B Programs 03-08 Step 2—Identification of Low-Risk Type A Programs 09-13 Step 3—Identification of High-Risk Type B Programs 14-15 Step 4—Determination of Programs to Be Audited as Major 16 Percentage-of-Coverage Rule 17 Documentation of Risk Assessment 18 Auditor Judgment in the Risk Assessment Process 19 Other Considerations Regarding the Determination of Major Programs 20-21 Federal Agency and Pass-Through Entity Requests for Additional Major Programs 20 Low-Risk Auditee Criteria 21 Assessing Risk When Determining Major Programs 22 Criteria for Federal Program Risk 23-32 Current and Prior Audit Experience 24-29 Oversight Exercised by Federal Agencies and Pass-Through Entities 30-31 Inherent Risk of Noncompliance of the Federal Programs 32 Chapter 9 Consideration of Internal Control Over Compliance for Major Programs 01 64 Uniform Guidance—Definitions 02-03 Internal Control over Compliance for Federal Awards 04-08 Auditee Responsibilities 04-08 Requirements Related to Internal Control in the Uniform Guidance Compliance Audit 09-10 Auditor Responsibilities 09-10 Control Objectives and the Components of Internal Control 11-12 Auditor’s Consideration of Internal Control over Compliance for Each Major Program 13-17 Obtaining an Understanding of Internal Control over Direct and Material Compliance Requirements for Major Programs 18-26 Understanding Direct and Material Compliance Requirements and Identifying Relevant Controls 18-22 Compliance Supplement Internal Control Guidance 23-24 Multiple Organizational Unit Considerations 25 Subrecipient Considerations 26 Planning and Performing the Testing of Operating Effectiveness of Internal Control over Direct and Material Compliance Requirements for Each Major Program 27-60 Assessing Control Risk of Noncompliance 27-28 Planning the Testing of Operating Effectiveness of Internal Control over Compliance for Each Major Program to Support a Low Assessed Level of Control Risk of Noncompliance 29-32 Existence of Ineffective Internal Control in Preventing or Detecting Noncompliance 33-35 Performing Tests to Evaluate the Effectiveness of Controls 36-39 Evaluating the Results of Testing 40-46 Significant Deficiencies and Material Weaknesses in Internal Control over Compliance Related to Federal Programs 47-60 Documentation Requirements 61-64 10 Compliance Auditing Applicable to Major Programs 01-80 Compliance Objectives in a Uniform Guidance Compliance Audit 02-03 Responsibilities of Auditee 04-05 Use of Professional Judgment 06 Audit Risk of Noncompliance Considerations 07-09 Performing Further Audit Procedures in Response to Assessed Risks 08-09 Materiality Considerations 10-13 Materiality Judgments about Compliance Applied to Each Major Program 11-12 Effect of Material Noncompliance on the Financial Statements 13 Performing a Uniform Guidance Compliance Audit 14-74 Identifying Major Programs to Be Tested 16 Identifying Direct and Material Compliance Requirements 17-32 Planning the Engagement 33-36 Consideration of Internal Control over Compliance for Major Programs 37 Performing Compliance Testing 38-48 Consideration of Fraud 49 Consideration of Abuse 50 Consideration of Subsequent Events 51-53 Evaluation and Reporting of Noncompliance 54-67 Performing Follow-Up Procedures 68-74 Documentation Requirements 75-76 Management Representations Related to Federal Awards 77-79 Suggested Representations 78 Refusal to Furnish Written Representations 79 State and Local Government Compliance Auditing Considerations 80 Chapter 11 Audit Sampling Considerations of Uniform Guidance Compliance Audits 01-137 Introduction 01-04 Audit Sampling in a Uniform Guidance Compliance Audit 05-11 Purpose and Nature of Audit Sampling in a Uniform Guidance Compliance Audit 06-09 Audit Sampling in the Context of Other Audit Procedures 10-11 Procedures That May Not Involve Audit Sampling 12-30 Inquiry and Observation 13 Analytical Procedures 14-17 Procedures Applied to Every Item in a Population or Subpopulation in Compliance Testing 18-20 Individually Important Items in Compliance Testing 21-28 Understanding and Testing the Operating Effectiveness of Controls over Compliance 29-30 Planning Considerations for Sampling Related to Tests of Controls over Compliance and Compliance Testing 31-91 Determining Audit Objectives 31-32 Defining the Population and Considering Completeness 33-50 Considering the Effect of Population Size 51 Defining Control Deviation and Compliance Exception Conditions 52-53 Dual Purpose Sample Considerations 54-59 Determining the Sample Size 60-91 Selecting Sample Items for Testing 92-100 Random Selection 96 Haphazard Selection 97-98 Systematic Selection with a Random Start 99-100 Performing the Test Procedures 101-107 Investigate and Understand the Nature and Cause of Control Deviations and Compliance Exceptions 102-103 Determine If Additional Testing Is Warranted in Response to an Observed Deviation or Exception 104-107 Evaluating Sample Results 108-132 Evaluating Control Deviations 108-115 Reaching an Overall Conclusion on Tests of Controls 116-117 Evaluating Compliance Exceptions 118-129 Reaching an Overall Conclusion on Tests of Compliance 130-132 Documenting the Sampling Procedure 133-137 Chapter 12 Audit Considerations of Pass-Through Entities and Subrecipients 01-50 Introduction 01 Definitions 02 Applicability of the Uniform Guidance 03-07 Pass-Through Entities, Subrecipients, and Contractors 08-18 Subrecipient Status versus Contractor Status 08-11 Description of Relationships 12-14 Contractor Compliance Considerations 15-18 Single Audit Considerations of Pass-Through Entities 19-45 Pass-Through Entity Responsibilities 20 Audit Planning Considerations 21-24 Auditor Consideration of Internal Control over Compliance 25 Subrecipient Monitoring 26-38 Reporting Considerations 39-42 For-Profit Subrecipients 43 Foreign Public Entities and Foreign Organizations 44 State Designation of a Cluster of Programs 45 Audit Considerations of Subrecipients 46-50 Additional Compliance Requirements Established by Pass-Through Entities 47 Indirect Cost Rates of Subrecipients 48 Information Related to the Schedule of Expenditures of Federal Awards 49 Audit Findings 50 Chapter 13 Auditor Reporting Requirements and Other Communication Considerations in a Single Audit 01-66 Overview 01 08 Requirements under the Uniform Guidance 03-04 Reporting Package 05 Illustrative Auditor’s Reports 06-08 Reporting on the Financial Statements and Supplementary Schedule of Expenditures of Federal Awards in Accordance With GAAS and Government Auditing Standards in a Single Audit 09-20 Basis of Accounting 09 Implementing Regulations of Federal Awarding Agencies May Define the Entity to Be Audited Differently Than Does GAAP 10 Elements of the In-Relation-To Report on the Supplementary Schedule of Expenditures of Federal Awards 11-13 Potential Report Modifications When Reporting on the Schedule of Expenditures of Federal Awards 14-15 Considerations When Dating the Report on the Scheduleof Expenditures of Federal Awards 16-19 Issuing an Opinion on the Schedule of Expenditures of Federal Awards under AU-C Section 805 When the Auditor Is Engaged to Perform Only the Compliance Audit under the Uniform Guidance 20 Reporting on Compliance and Internal Control over Compliance Applicable to Each Major Program 21-29 Material Instances of Noncompliance 22 Scope Limitations 23-25 Report on Compliance for Each Major Program, Report on Internal Control over Compliance and Report on the Schedule of Expenditures of Federal Awards Required by the Uniform Guidance 26-28 Dating the Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance 29 Other Reporting Considerations 30-33 Reissuance of the Uniform Guidance Compliance Report 30-31 Other Auditors 32 When the Audit of Federal Awards Does Not Encompass the Entirety of the Auditee’s Operations 33 Schedule of Findings and Questioned Costs 34-46 What Is Required to Be Reported 35-36 Findings Related to the Financial Statements 37-38 Audit Findings Related to Federal Awards 39-40 Findings of Abuse 41 Detail of Audit Findings—Federal Awards 42-44 Other Preparation Guidance 45-46 Protected Personally Identifiable Information 47-48 Communicating Other Findings to Management 49 Summary Schedule of Prior Audit Findings and Corrective Action Plan 50-55 Data Collection Form 56-64 Submission of Reporting Package and Data Collection Form 61 Federal Audit Clearinghouse Responsibilities 62-64 Freedom of Information Act and Similar Laws and Regulations 65 Appendix—Illustrative Auditor’s Reports under the Uniform Guidance 66 Chapter14 Program-Specific Audits 01 16 Use of a Program-Specific Audit to Satisfy Uniform Guidance Audit Requirements 02 Program-Specific Audit Requirements 03 Auditee’s Responsibilities When a Program-Specific Audit Guide Is Not Available 06 Auditor’s Responsibilities When a Program-Specific Audit Guide Is Not Available 07-11 Audit Scope and Requirements 07 Auditor Procedures 08 Auditor’s Reports 09-11 Submission of Report 12-15 Timing of Submission 12 Submission When a Program-Specific Audit Guide Is Available 13 Submission When a Program-Specific Audit Guide Is Not Available 14-15 Appendix—Illustrative Auditor’s Reports for Program-Specific Audits 16 Supplement A Single Audit Act Amendments of 1996 Supplement B Uniform Guidance Audit Requirements Appendix A Overview of Statements on Quality Control Standards Appendix B Schedule of Changes Made to the Text from the Previous Edition Index of Pronouncements and Other Technical Guidance Subject Index
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
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