If your company or organization receives a federal award you may be required to have an annual audit in accordance with the Office of Management and Budget’s (OMB). The types of audits that may be required are:
Single Audit– also known as the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its operations.
Usually performed annually, the Single Audit’s objective is to provide assurance to the federal government regarding as to the management and use of such funds by a recipient. The audit encompasses both financial and compliance components.
Single audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC.
In conjunction to any Single Audits conducted, a Yellow Book audit is also required.multinational companies that cover a broad spectrum of industries and sectors.
CPAs & Auditors use advanced audit techniques and the latest technology to offer our clients efficient, cost-effective, and comprehensive services while being strictly committed to the highest standards of independent auditing.
Many organizations quickly learn that getting a grant from the Federal, State or Local Government was actually the easy part and that the real effort now comes in complying with all of the rules and regulations around that funding.
The Unified Guidance (previously the Single Audit Act), as created by the Federal Government, establishes specific compliance requirements that must be adhered to for all entities that receive/spend federal dollars, either directly or as a sub-recipient