While some may celebrate or commiserate over Singles Awareness Day, there is another kind of “Single Awareness” that could be impacting your business, and you might even be unaware of it —the Single Audit.
What is a Single Audit?
A Single Audit is an additional compliance audit required when a non-federal entity spends more than $750,000 in federal funds in a fiscal year. It comes with stringent reporting requirements that your organization will need to follow. If your business has received federal or state funds, you may be subject to these regulations, even if you are a for-profit entity.
What Makes a Single Audit Different?
The testing involved in a Single Audit is much more detailed than in a standard financial audit. The objective is to determine if an entity has complied with the direct and material compliance requirements for each of its major federal programs. It provides users with financial statement assurance related to compliance and internal controls over compliance. As such, these must be tested in detail and reported. Federal funding agencies use these audits as a report card to address problems, concerns, and areas of improvement for the federal programs.
Expertise Behind a Single Audit
A CPA must meet additional continuing professional education requirements and independence considerations to perform a Single Audit. For over 30 years, Berman Hopkins has had a team of auditors specializing in government auditing and Single Audits, helping organizations navigate these complex requirements.
Here to Help
If your organization is subject to Single Audit requirements, or you need more information on how to stay compliant, our team is here to help. Contact us today to learn more.
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