What is Schedule of expenditures of federal awards?
In short
In a single audit, the auditee prepares a schedule of expenditures of federal awards listing its spending under each federal program. The auditor reports on it in relation to the financial statements as a whole.
Key takeaways
- It is the starting point for identifying major programs.
- It is prepared on the basis of accounting used for the financial statements, with notes explaining it.
- Findings are reported in the schedule of findings and questioned costs.
Where it's tested
AUD: Attestation & System and Organization Controls (SOC) Engagements — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A user auditor wants to rely on controls at a service organization for the entire audit period. Which report provides appropriate evidence?