CPAR Auditing Practice

CPAR - 2021/May, Seg 5 - Single Audit Update

The final 2020 OMB Compliance Supplement was released August 21, 2020, with an addendum on December 31, 2020. It supersedes the 2019 Compliance Supplement. It will be effective for audit for fiscal years beginning after June 30, 2019. And that means the fiscal year ends June 30, 2020, September 30, 2020, and December 31, 2020; that is the effective date. The addendum supplements the 2020 OMB Compliance Supplement to provide additional guidance for programs with expenditures of COVID-19 awards that the auditor determines are major programs in audits performed under 2CFR 200 Subpart F. Allen Fetterman, CPA, begins our discussion by giving us a few of the highlights of the initial OMB Compliance Supplement and continues with the provisions under the addendum released in December 2020..

Learning Objectives:

  • Identify the important parts of the December 2020 OMB Supplement Compliance Addendum;
  • Understand the revisions in the OMB’s uniform guidance and the underlying reasons they were made;
  • Recognize the types of funding available and how they should be treated in a single audit engagement;
  • Understand the accounting treatment of loan repayment vs loan forgiveness.

Prerequisites/Advanced Preparation:

Work experience in government accounting or auditing, or an introductory course in government auditing.

Speaker / Author:

Allen Fetterman, CPA


Price (USD)

Standard: $69.90


Course Code : CPAR1513-FM

Release Date : 05/25/2021
Expire Date : 07/12/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Auditing - Governmental

Returning Subscribers

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