This Governmental Audit Quality Center (GAQC) Web event delves into four important and currently relevant topics related to audits of pandemic funding, including:
Program-specific audits have become more common since more entities have received funding under only one federal program. You will learn what a program-specific audit is, when it can be used and the related requirements.
The pandemic has also increased situations where you must audit a federal program that does not appear in the Compliance Supplement. Learn what do in this situation and how to use Part 7 – Guidance for Auditing Programs Not in This Compliance Supplement.
The increase in program-specific audits, as well as the option for for-profit entities to have a financial audit of the Provider Relief Fund program, has resulted in more audits being performed under AU-C Section 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. You'll learn more about AU-C Section 805 and how to adapt and apply the general auditing standards to these audits.
Several federal agencies have also offered alternatives to full single audits that involve examination engagements under the AICPA's Attestation Standards and Government Auditing Standards. You will learn the basics of what these engagements involve and how they differ from a single audit.