2019 Single Audits

When it comes to audit methodology, the best methodology available is Wolters Kluwer’s Knowledge-Based Audit (KBA) Methodology. Use it and you will:

  • Implement AICPA risk-based standards
  • Conduct a more productive audit
  • Produce the highest-quality audit possible

To add, Knowledge-Based Audit Titles utilize the KBA Methodology which helps you perform more effective and efficient financial statement and compliance audits. With this in mind, here is a look at the updated 2019 Single Audits title. Begin your planning by reviewing these changes.  

What’s New for 2019 Knowledge-Based Single Audits?

First, the 2019 Knowledge-Based Single Audits is current through:

  • AICPA Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
  • AICPA Statement on Auditing Standards (SAS) No. 135, Omnibus Statement on Auditing Standards – 2019
  • Government Auditing Standards, 2018 Revision
  • 2019 Compliance Supplement
  • 2019 Data Collection form and discussion of the Uniform Guidance

Multiple New Enhancements

Additionally, multiple new enhancements include:

  • Combining Complex and Non-complex forms (KBA-302N and KBA-401N), giving the auditor the option to memo or complete the detailed table for each section based on tailoring. Roll-forward notes include:
    • For Non-complex documents in your prior engagement, before rolling that file forward, you must
      • Add the Complex document to your engagement binder to retain the data from the Non-complex document
      • Then, remove these workpapers from the prior year binder after you have rolled the binder forward
    • If your binder is already finalized, and you don’t want to un-finalize the binder to insert the Complex document before you roll-forward from the 2018 version, you can:
      • Make a copy of your finalized binder
      • Insert the applicable Complex documents
      • Then roll-forward the copied binder to the 2019 title version
        • IMPORTANT NOTE: after roll-forward, remember to delete the “copied prior year binder” from your file room. That is how you will retain the data into the 2019 combined versions.
    • Alternatively, after you roll-forward, copy and paste the data from the prior year Non-complex document -within the prior year binder- into the current combined versions. The Non-complex document rolls-forward as an obsolete workpaper with no data. Remove that after you have rolled forward your binder. Refer to your prior year binder for data in the Non-complex document.
    • For the Update Knowledge Coach Content option, insert the complex version of the workpaper prior to updating. This retains information from the now-obsolete non-complex version. Additionally, publish the non-complex versions prior to selecting the Update Knowledge Coach Content option so you have access to the data after updating, as the non-complex version will be obsolete.

Multiple New Enhancements – Con’t

Additionally, other enhancements include:

  • Adding flow of columns “Nature of Other Services” and “Firm Personnel Overseeing the Service” from KBA-101S Overall Uniform Guidance Compliance Audit Strategy to AID-201S Non Attest Services Independence Checklist
  • Adding the table “Prior Year Substantive Matters and Significant Findings” to KBA-102S Uniform Guidance Compliance Audit: Significant Matters. This table is only user entry and is available if you would like to document prior year matters or findings
  • Modifying headers and adding one new column (If Controls are Not Effectively Designed and Implemented or Are Not Operating Effectively, Describe the Risks of Material Misstatement) in AID-401S Understanding General Controls for Information Technology in the “less complex” table. This new column contains a dynamic list of risks noted in the engagement which is similar to the functioning of KBA-40X series forms.
  • Adding a table to both KBA-902S Uniform Guidance Compliance Audit Review and Approval Checklist to document a concurring partner review, if applicable. A tailoring question has also been added to AUD-100S that will have show/hide functioning on this table in both forms.
  • Enhancing instructions and procedures throughout the toolset to improve workflow
  • Adding new tips regarding Omnibus Statement on Auditing Standards for the issuance of SAS-135


Now, are you interested in increased realizations and improved client service? Then learn more about our Integrated Audit Approach today.

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Wendy Cable

All stories by: Wendy Cable