Risk-Based Audit Planning for Indirect Cost Rate Audits

CPE Credits: 2

Cost: $199

Knowledge Level: Basic

Pre-requisites/required knowledge: None

Course Description: In this 2-hour web-based training, instructor Dan Purvine will explain the critical steps in planning a risk-based indirect cost rate audit.  Dan will cover key risk areas and how to perform an effective risk assessment, as well as factors that affect the audit scope.

Topics covered will include development of an audit sampling plan and an overview of the testing framework prescribed in the AASHTO Audit Guide. Dan will also discuss identification of high-risk accounts and important materiality considerations for indirect cost rate audits.  The session will include a discussion of best practices to achieve an audit that is both effective and efficient.

A 10-question quiz will follow the training, which must be passed at a 70% rate or higher to earn the CPE credit. Once the video has been downloaded, the training will be available for five days.

Important Topics: Performing the risk assessment, defining audit scope, developing a sampling plan, applying the AASHTO Audit Guide testing framework, materiality considerations

Learning outcomes:

• Describe how to establish audit objectives,
• list key risk areas encountered in indirect cost rate audits,
• explain how to perform a risk assessment to identify key risks specific to the engagement,
• describe factors influencing the audit scope,
• discuss various types of sampling and how to develop a sampling plan,
• explain the testing framework outlined in Chapter 10 of the AASHTO Audit Guide,
• note factors to consider in identifying high risk accounts,
• describe materiality considerations for indirect cost rate audits,
• explain steps to take to assist in achieving an audit that is both effective and efficient.

Intended Audience: A/E firm accounting staff, state and local government agency auditors, and CPA firm staff

Instructor: Dan Purvine

Most recent revision or review date: February 2025

Course expiration date: 30 days from the date of purchase

Delivery method: Online self-study

Refund/cancellation policy: Online courses cannot be refunded, however in the case of errors in the purchase / registration process, such as a course purchased in error, incorrect participant name used, etc., we will gladly work with the purchaser to resolve the error. Please contact dan@aeclarity.com with any payment issues or questions.

Complaint resolution policy: For any issues related to this training, please contact dan@aeclarity.com