Single Audits are a critical area of focus within the profession and require a thorough understanding of the Uniform Guidance and its unique requirements for auditing federal awards. This course provides a clear, practical introduction to the performance and reporting standards that distinguish Single Audits from other types of engagements.
Participants will explore foundational concepts, including internal controls over compliance, the structure and use of the Compliance Supplement, and the compliance requirements applicable to federal programs. The course also covers reporting considerations and the elements of a finding in a Single Audit.
Designed for professionals new to Single Audits-or those seeking a structured refresher-this course equips participants with the essential knowledge needed to understand and navigate Single Audit engagements. The course has been updated to reflect the 2024 Uniform Guidance.
DESIGNED FOR
Accounting professionals working with or advising construction contractors
BENEFITS
At the end of this course, you will be able to:
- Describe key issues related to construction accounting
- Identify revenue recognition methods for construction contracts
- Recognize percentage of completion and completed contract methods
- Identify accounting considerations for contract modifications
- Describe issues related to contract costs and allocation
- Recognize complex issues in construction contract accounting
HIGHLIGHTS
- Overview of FASB ASC 910
- AICPA guidance for construction contractors
- Industry specific accounting considerations
- Revenue recognition methods
- Percentage of completion method
- Completed contract method
- Contract modifications
- Contract costs and allocation
- Complex accounting issues in construction
PREREQUISITES
Basic Accounting
ADVANCE PREPARATION
None