Frequently Missed Issues for OMB Circular A-133 Audits

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Peer reviews and AICPA Professional Ethics Division Investigations have found that substandard A-133 audits are prevalent.  This course addresses the deficiencies most frequently noted in the President’s Council on Integrity and Efficiency’s (PCIE) research project “National Statistical Sample for Audit Quality” and the 2007 changes to the Yellow Book.

This course will:

• Help you avoid recurring common failures in audits under Government Auditing Standards and OMB Circular A-133

• Provide you with the latest 2007 Yellow Book changes, as well as changes to the reports on internal controls over financial reporting (GAS) and internal control over compliance (A-133)

Designed For

• Audit practitioners working on not-for-profit and/or public sector clients who need audits performed in accordance with the Yellow Book and OMB Circular A-133. 

• Accountants in not-for-profit or government organizations that need a compliance audit. 

Objective
Participants will be able to:

• Identify areas for improvements in their Government Auditing Standards (GAS) and OMB Circular A-133 audits

• Understand and implement changes to audits as a result of AICPA risk assessment and documentation standards (SASs 103-114)

Using the very popular “Loscalzo Frequently Asked Question Format”, the major subjects covered will include:  documentation, multipurpose testing, design of compliance and internal control tests, sampling applications, reporting findings, consideration of abuse, documentation and testing of all five elements of internal control, lack of segregation of duties, schedule of federal awards, identifying major programs.

Presentation Method: Frequently asked question format encouraging discussion

Level of Knowledge:  Intermediate

Prerequisites: Assumed knowledge of not-for-profit and governmental accounting and reporting, Yellow Book and OMB Circular A-133.

Recommended CPE Credit:  8 hours

Field of Study:  Auditing

Advance Preparation:  None

Availability Date:  05/01/2008

Author(s):   Margaret Thomas, CPA, MHA

Qualifies for 24 hour Yellow Book requirement.   Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients.  Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm.

It is recommended that this course not be scheduled in conjunction with “A Hands-on Guide to Compliance Auditing.”