Single Audit (A-133) Chapter 9 Presented by Elisa Stilwell, Senior Manager KPMG LLP KPMG LLP
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 2 Overview Systemwide planning and risk assessment process Preparation of the Schedule of Expenditures of Federal Awards (SEFA) 2008 major programs IRM Audit Team – scope of work Prior years’ SEFA – overview of program expenditures > $1 million Key deadlines
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 3 Systemwide Planning and Risk Assessment Process – Timeline Campuses to submit preliminary SEFA in YES – July 31, 2008 CO to submit preliminary consolidating SEFA to KPMG – August 7, 2008 KPMG to perform preliminary risk assessment and identification of major programs (based on preliminary consolidating SEFA) – August 11, 2008 Risk assessment questionnaires for each federal program (non-Student Financial Assistance program) with total expenditures over $300,000 (totaled by CFDA number) – campuses must submit to KPMG on first day of fieldwork Communication to campuses regarding any additional major programs CO to submit final consolidating SEFA and consolidated SEFA (report format) to KPMG – November 26, 2008 KPMG to update risk assessment procedures (based on final consolidated SEFA)
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 4 Preparation of the SEFA Completeness and accuracy of the SEFA information is critical in performing the systemwide risk assessment CFDA number (format “XX.XXX”) Federal grantor agency Program name Program expenditures Refer to the A-133 Section of the GAAP Financial Reporting Checklist (Chapter 11) for completion of the SEFA
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International Major Programs Preliminary identification of major programs to date Student Financial Assistance Cluster Head Start Program Final identification of major programs Other major programs – to be determined based on consolidated SEFA expenditures and systemwide risk assessment process Type A program threshold (calculated based on consolidated SEFA expenditures) – prior year threshold was $4,300,000
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International Major Programs (continued) Student Financial Assistance Cluster – 8 higher scope campuses 1. Bakersfield 2. Dominguez Hills 3. Humboldt 4. Long Beach 5. Los Angeles 6. Pomona 7. Sacramento 8. San Diego Head Start Program – San Francisco and Sonoma
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 7 KPMG Information Risk Management (IRM) Audit Team – Scope of Work Financial aid system controls at selected campuses (8 higher scope SFA campuses) Department of Education upload to campus Student Information System (PeopleSoft or Legacy) Grade system – user access Interface from grade system to financial aid system (if applicable)
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 8 Prior Years’ SEFA – Overview of Programs with Expenditures >$1 Million
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 9 FY 07 SEFA – Overview of Programs with Expenditures >$1 Million 1 program with expenditures over $3,000, , , and Dept. of Education – TRIO Cluster $3,068,000 (Chico, San Diego, Sonoma, Stanislaus) 2 programs with expenditures over $2,000, Dept. of Health and Human Services – Child Care Cluster $2,827,000 (Sonoma) Dept. of Education – Special Education State Personnel Development $2,133,000 (Sonoma) 7 programs with expenditures over $1,000,000
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 10 Key Deadlines Preliminary SEFA submitted in YES – July 31, 2008 Approved reporting package (which includes the final SEFA and footnotes) – October 16, 2008 A-133 findings (including single audit summary of internal control deficiencies document) – November 5, 2008
May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 11 Questions?