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AICPA RISK ASSESSMENT GUIDANCE
Knowledge-Based Single Audits Add-On Module
Accounting Research Manager® Knowledge-Based Audit (KBA) methodology is designed to help the auditor efficiently and effectively perform single financial statement audits and compliance review for clients who accept federal funding. Any non-federal entity that receives over $500,000 in federal awards in a fiscal year must submit to Single Audit. This includes state and local governments, tribal agencies and not-for-profit organizations. Three sets of auditing standards (GAAS, GAGAS and Single Audits) can potentially apply to non-federal entities.
The Knowledge-Based Single Audits Add-On Module includes numerous practice aids and an overview to help professionals comply with the risk assessment standards. This module is available as an add-on product to any of our main ARM products.
The more accurately an auditor assesses a non-federal entity’s risks of material misstatement, the more assurance the auditor has that the procedures performed in response to the risk assessments will detect material misstatements. Knowledge-Based Single Audits enhances your ability to assess risk by helping you:
1. Obtain an understanding of the non-federal entity and its environment, including its internal control, sufficient to accurately assess the risks of material misstatement
2. Design and perform audit procedures that are responsive to the risks of material misstatement
The KBA approach is designed to facilitate this flow of information. The forms, practice aids, and audit programs incorporated in this methodology should be customized to the specific circumstances of the non-federal organization being audited or the specific nature of the engagement.
Knowledge-Based Single Audits guides you through the nine critical KBA processes:
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Pre-Engagement Procedures;
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Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment;
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Risk Assessment Procedures: Evaluating the Design of Internal Controls;
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Assessing the Risks of Material Misstatement;
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Performing Audit Procedures in Response to Assessed Risks;
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Performing Audit Procedures: Tests of the Operating Effectiveness of Internal Controls;
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Performing Audit Procedures: Substantive Tests;
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Evaluating, Concluding, and Reporting Procedures; and
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Audit Documentation Requirements.
The Knowledge-Based Single Audits Add-On Module provides hundreds of risk assessment forms and practice aids in the KBA methodology to help the auditor gain knowledge of the entity and guide you through an audit.
CCH KBA Available in Your Preferred Format
ProSystem fx® Engagement and Knowledge Tools
Experience complete interactivity with the KBA overview, tools and integration with the leading software solution. ProSystem fx Engagement and Knowledge Tools provide you with a complete and streamlined methodology, making it easier for you to comply with the risk assessment standards. Learn more about this unique offering.
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