CPE Course Studies on Single Audit and Yellow Book Deficiencies

November 8, 2017

8:30am — 4:15pm

Location Manchester

Member Price $279.00
Non-member Price $379.00

Curriculum Yellow Book

Field of Interest Auditing, Government (General), Yellow Book

Level Intermediate

Designed For

Auditors performing single audits and internal financial staff of governmental and not-for-profit entities

8.00 credits

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This course focuses on areas that may need special attention in a single audit.Increase your knowledge regarding these areas found in single audits and Yellow Book engagements using simulated case studies and practice exercises with lessons for today’s issues. These case studies and practice exercises are based on the Yellow Book and the Uniform Guidance and will assist you in avoiding common mistakes and recognizing deficiencies before it’s too late.

When you complete this course you will be able to:
• Identify issues related to engagement letters.
• Analyze the requirements of continuing professional education under the Yellow Book CPE rules.
• Compare key points concerning the GAGAS Independence Framework to related issues.
• Identify considerations for major program determination.
• Determine the process of drafting an audit finding.
• Differentiate auditee and auditor responsibilities related to the Schedule of Expenditures of Federal Awards (SEFA) and potential problem areas in SEFA presentation.
• Choose the reporting requirements of a single audit.


• Engagement letters
• Management representation letters
• Yellow Book continuing professional education
• The GAO and Independence
• Major program determination
• Abuse
• Fraud risk factors
• Audit sampling
• Documentation
• Drafting findings
• Schedule of Expenditures of Federal Awards (SEFA)
• Reporting requirements


Lee Klumpp, CGMA, CPA

Lee Klumpp is BDO’s National Nonprofit & Education Industry Group Audit and Accounting Technical Leader. Lee recently completed a fellowship at the Financial Accounting Standards Board (FASB). During Lee's fellowship, he led the FASB's project to reexamine existing standards for financial statement presentation by not-for-profit entities, focusing on improving the net asset classification requirements and information provided in financial statements and notes about liquidity, financial performance, and cash flows. He also focused on various FASB agenda projects and implementation and emerging practice problems in the nonprofit industry. His responsibilities included making recommendations to the Board on technical issues and developing and drafting Accounting Standards Update. Lee has 20 years of experience serving a diverse group of nonprofit organizations while working for BDO and previously in the audit practices of Ernst and Young, LLP and KPMG. In his role at BDO, he spends a significant amount of time researching, writing, and disseminating information related to recent accounting and auditing pronouncements promulgated by the FASB, the Governmental Accounting Standards Board (GASB), the Office of Management and Budget, the Government Accountability Office, the Auditing Standards Board, and other groups that provide guidance for the nonprofit industry. Additionally, Lee is an accomplished speaker and has spoken on various not-for-profit accounting, governance auditing, internal control, governance, financial reporting, and single audit issue topics related to nonprofit organizations around the country.close


Experience in Yellow Book and OMB environment



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