2022 Single Audit Update: What to Know and How to Prepare

Author: Troy Rector, Kelly Rancourt, Clark Nuber

As the pandemic continues, Single Audit engagements will continue to be challenging as the increase in federal funding has continued throughout 2021. Come learn what you need to know as you plan to perform your upcoming Single Audit engagements. For auditees, come learn about the Single Audit what will be the focus of your auditors.

Publication Date: February 2022

Designed For
Auditors performing single audits subject to the Uniform Guidance. Auditees subject to single audits.

Topics Covered

• Single Audit Developments
• Schedule of Expenditures of Federal Awards
• 2021 (and 2022) OMB Compliance Supplement
• Major Program Spotlights
• Uniform Guidance Update
• New Auditor Reporting Standards
• Single Audit Tips & No Tricks

Learning Objectives

• Identify key concepts included in the 2021 OMB Compliance Supplement, understand the issued Addendum #1 and planned Addendum #2
• Recognize the impact of the ARPA and CARES Act, and other COVID-19 considerations on Single Audits
• Identify how changes in the OMB Single Audit guidance to auditors will impact you as the auditee
• Describe components of the OMB Memo M-21-20
• Identify the percentage of auditees who were considered low risk, based on the 2020 Singlt Audit statistics
• Recognize which parts of the OMB Compliance Supplement provides information with respect to clusters of programs
• Identify the effective date of the Final Rule with respect to Coronavirus State and Local Fiscal Recovery Funds
• Describe the new auditing standard SAS that provides amendments to the concept of materiality

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (Governmental) (2 hours)

Program Prerequisites
Prior experience with Single Audits.

Advance Preparation
None