Governmental Auditing Update: Procurement FLEXCAST

Overview

There are a number of sets of auditing standards that could possibly apply to an auditor engaged in auditing state and local governments, including the audits of federal funds expended by these types of governments. Specifically, these three sets of standards are the AICPA Clarity Audit Standards, also known as Generally Accepted Auditing Standards (GAAS), Government Auditing Standards (GAS), also known as the Yellow Book, and of course, Uniform Guidance, also known as the Single Audit. This session will take a look at the most recent changes to all three sets of auditing standards and reveal any new insights as to not only what the changes are, but why the changes were contemplated.

Highlights

UG Update Procurement and the Supplement. Prior Confusion and Thresholds. Micro-purchases. Small Purchases. Subrecipient Monitoring and Management. Indirect Cost Rate. Major Program Determination. High-Type B Programs. Direct and Material Compliance Requirements. Internal Controls. A Walk-Through of Part 6.

Prerequisites

None.

Designed For

Professionals in Government and Public Accounting.

Objectives

Procurement- Update. UG Update Procurement & the Supplement. Procurement prior confusion and thresholds. Informal procurement method- Micro-purchases, Thresholds- NEW self- selection of higher threshold up to $50,000, requires cognizant agency approval, Small purchase procedures, simplified acquisition thresholds. Formal procurement method. Noncompetitive procurement. Changes in Subpart D- Post Federal Award Requirements- section 200. 322 , 200. 328, 200. 329. Procurement Competition- section 200. 219. Conflict of interest. Common compliance deficiencies. Subrecipient/ Contractor determination. Auditing findings- MGMT decisions. Expanded use of the 10% De Minimis Rate- section 200. 414, definitional changes, period of performance, improper payment, section 200. 215, changes to subpart E, Cost. Principles, changes in subpart F Audit requirements. Audit risks and issues. Covid- 19 identification- COVID-19 SEFA example. Common deficiencies. Determining major federal programs. Identifying type A programs. Major program determination- a threshold (section 500. 518). Internal controls- control considerations.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.