Video

  • 27 minutes

Major Program Determination - A-133 Audit

 
How do we know what the major programs are? A starting point for the auditor is the schedule of expenditures of federal awards (SEFA). Under section .300(d) the auditee is required to prepare the SEFA in accordance with section .310 of Circular A-133. Under sections .500(b) and .505(a) require the auditor to determine and provide an opinion (or disclaimer of opinion) on whether the SEFA is presented fairly in all material respects in relation to the auditee’s financial statements taken as a whole. The auditor must determine which federal programs are major programs, considering current and prior audit experience, oversight by federal and pass-through entities, and the inherent risk of the program.

In this video our speaker, Rob Leslie, CPA, also reviews four steps in determining major federal programs. The auditor should document in the working papers the risk analysis process used in determining major programs. When the major program determination was performed and documented in accordance with the Circular, the auditor's judgment in applying the risk-based approach to determine major programs will be presumed correct.

Rob Leslie, CPA is a partner with Eide Bailly LLP. His area of practice has been solely in the area of providing professional services to nonprofit organizations, including financial statement audits and those with OMB Circular A-133 requirements. Mr. Leslie is a national AICPA CPE instructor and teaches numerous courses in nonprofit auditing, management, fraud and various new developments.
Runtime: 26 minutes

Faculty

Rob Leslie, CPA

Agenda

Faculty

Rob Leslie, CPA

  • Partner with Eide Bailly LLP
  • Area of practice has been solely in the area of providing professional services to nonprofit organizations, including financial statement audits and those with OMB Circular A-133 requirements
  • Former nonprofit industry leader for another national CPA firm for 20 years
  • Current member of Nonprofit Industry Executive Committee of Eide Bailly, LLP
  • Served as one of 15 members of the AICPA Nonprofit Industry Committee
  • Served as nonprofit conference chair for the Arizona Society of CPA’s
  • AICPA CPE instructor nationally and teaches numerous courses in nonprofit auditing, management, fraud and various new developments
  • Presented at numerous nonprofit industry conferences
  • Adjunct professor and lecturer at Arizona State University’s Lodestar Center for Philanthropy and Innovation
  • Serves on several boards of directors and finance committees of various local, regional and national nonprofits
  • Certified CPA in the State of Arizona
  • B.S. degree in accounting, Arizona State University
  • Can be contacted at 602-264-8649 or [email protected]

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