Single Audit/Uniform Guidance
Organizations expending more than $750,000 in federal awards are subject to a single audit under the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance – formally OMB Circular A-133). A Single Audit requires a risk assessment of the organization and its programs to determine which federal award programs will be audited in a given year. Additionally, we work directly with our clients to ensure all of the reporting requirements are met upon completion of their single audits.
A single audit consists of the following:
- Determine if the financial statements are fairly presented.
- Report on the Schedule of Expenditures of Federal Awards (SEFA).
- Understand and test internal controls over compliance.
- Determine if the organization is compliant with all stated contract provisions.
- Follow up on prior year findings.
- Report current findings/assist in uploading audit to the Federal Audit Clearinghouse.
Please contact us to find out more on how O&S CPAs & Business Advisors can help meet your audit requirements under the Uniform Guidance.
IF YOU REQUIRE A CPA THAT GOES ABOVE AND BEYOND IN THE AREAS OF TAX AND ACCOUNTING, PLEASE CONTACT ONISKO & SCHOLZ TODAY