Single Audit
A single audit is an organization-wide audit of entities that expend $750,000 or more in federal awards in a fiscal year, conducted under the Uniform Guidance (2 CFR 200).
Explanation
The single audit combines a financial statement audit with an audit of federal award compliance. The auditor must determine major programs, test compliance with federal requirements, evaluate internal controls over compliance, and report findings. Key deliverables include the financial statement audit report, schedule of expenditures of federal awards (SEFA), reports on internal control and compliance, and a schedule of findings and questioned costs.
Key Points
- •Threshold: $750,000 in federal expenditures per fiscal year
- •Conducted under the Uniform Guidance (2 CFR 200)
- •Includes both financial statement audit and federal award compliance audit
Exam Tip
Remember the $750,000 threshold and that major program determination is based on a risk-based approach with Type A and Type B program classifications.
Frequently Asked Questions
Related Topics
Audit Reports
The audit report is the auditor's formal communication of the opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
Internal Controls (Audit Perspective)
Internal controls are processes designed by management to provide reasonable assurance about the reliability of financial reporting, effectiveness of operations, and compliance with laws.
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