Sampling Strategies in Circular A-133 Audits: Ensuring Compliance
Developing an Audit Sampling Plan, Analyzing and Reporting Deviations, and Distinguishing OMB A-133 and Financial Audit Requirements
Recording of a 110-minute CPE webinar with Q&A
This webinar will prepare Single Audit auditors to understand sampling concepts applicable to an audit conducted under OMB Circular A-133 and help you apply these concepts to the compliance audit component of a Single Audit.
Outline
- (OMB) Circular A-133 general requirements
- Determining the size of tests of controls over compliance
- Linking tests of compliance with control test results
- Tests of compliance (substantive tests)
- Projection of compliance test results
- Reporting deficiencies and issuing a compliance opinion
- Requirements for financial statement auditing and key differences
Benefits
The panel will review these and other key issues:
- Sampling concepts applicable to an OMB Circular A-133 compliance audit
- How the compliance sampling guidance differs from the financial audit sampling guidance that is used in Single Audits
- How samples can be designed to meet more than one purpose (dual-purpose testing)
- Considerations when documenting audit sampling tests of controls over compliance and substantive tests of compliance
- Suggestions on efficient compliance with the requirements
- Defining the population and the sampling unit and how the auditor considered the completeness of the population
- Areas of common deficiencies as cited in inspections and peer reviews
Faculty
Collette Cummins, CPA
Managing Director, Auditing Methodologies
Grant Thornton
Ms. Cummins is assigned to the firm's National Professional Standards Group and has more than 10 years of... | Read More
Ms. Cummins is assigned to the firm's National Professional Standards Group and has more than 10 years of experience in auditing and financial reporting, currently assigned to development of the firm's new audit methodology. She previously worked in the private sector as director of financial reporting at Safety-Kleen.
CloseLynford Graham
CPA, Ph.D., CFE
Bentley University
Mr. Graham has more than 30 years of public accounting experience in audit practice and in various firm policy... | Read More
Mr. Graham has more than 30 years of public accounting experience in audit practice and in various firm policy development groups. He previously was a member of the Auditing Standards Board and chaired the AICPA’s Audit Risk Guide Task Force, and was National Director of Audit Policy at BDO USA.
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