Monthly Governmental Accounting and Auditing Update (July 2026)- A/V

CPE Credit: 2 hours

Learning Objectives

Upon completion of this course, participants will be able to:

1. Explain the purpose of the Schedule of Expenditures of Federal Awards (SEFA) and its role in Uniform Guidance compliance, Single Audit requirements, and federal oversight.

2. Identify the required elements of a properly prepared SEFA, including Assistance Listing Numbers (ALNs), federal agency identification, pass-through awards, clusters, required disclosures, and reconciliation requirements.

3. Differentiate between management's responsibilities and the auditor's responsibilities for SEFA preparation, reporting, and audit performance under Generally Accepted Government Auditing Standards (GAGAS) and Uniform Guidance.

4. Evaluate internal controls over SEFA preparation and reporting using the GAO Green Book framework, including risk assessment, control activities, segregation of duties, reconciliation controls, documentation, and monitoring activities.

5. Apply risk-based audit procedures to assess the completeness, accuracy, classification, occurrence, and presentation of federal award expenditures reported within the SEFA.

6. Determine appropriate audit procedures for validating federal expenditures, pass-through awards, non-cash assistance, loan programs, indirect cost elections, and required disclosures.

7. Analyze the relationship between SEFA reporting, major program determination, audit coverage calculations, and Single Audit compliance requirements.

8. Recognize common SEFA preparation and audit deficiencies identified through peer review, Inspector General examinations, and federal oversight activities, and determine appropriate corrective actions.

9. Assess the impact of recent OMB Uniform Guidance expectations and GAO Green Book updates on SEFA reporting, documentation, internal controls, and audit quality.