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Single Audit Act: Preparation & Follow-up - ONLINE SESSION
I Will Learn:
- A review of the Single Audit Act
- A Review of the new OMB Super Circular, Subpart F – Audit Requirements
- Review of Indian Self-Determination Act financial reporting requirements
- The Financial Statement Audit – What is it?
- How to Prepare for Audits (Preparing Schedules)
- What government agencies look for (cash surplus/deficit, grant receivables, “Due To – Due From”, accounts, deferred revenues, balance sheet reconciliation; closing entries)
- What auditors look for (Statement of Expenditures for Federal Awards (SEFA) Schedule, audit report findings, significant deficiencies, material weaknesses)
- What is a reportable condition?
- Common types of findings – How to avoid them (lack of reporting, lack of documentation, questioned costs, segregation of duties)
- Resolving disallowed costs
- Federal sanctions for non-compliance
- How non-compliance affects your organization for future federal awards
- Collection of disallowed costs under Indian Self-Determination Act and OMB Super Circular
- Tribal/federal roles and responsibilities