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Single Audit

Single Audits are performed by CPAs as required by the Uniform Guidance. If an entity expends more than $750,000 in a fiscal year, then a Single Audit is required.

Auditors issue an opinion regarding the entity’s major program compliance with federal requirements. They also review internal controls related to direct and material compliance provisions related to the major programs being audited, though no opinion is provided regarding controls.

If an entity receives federal funds from multiple grants, auditors use Uniform Guidance guidelines to determine which particular programs are major. The determination begins with categorizing federal grants into Type A and Type B programs. For smaller governments and nonprofits, Type A programs are those with $750,000 or more in expenditures of federal funds. Type Bs are those below this threshold. Type A programs that are not low risk are major programs and some Type B programs can be designated as major (known as high-risk Type B programs).

The purpose of Single Audits can be inferred from the name. Prior to the advent of these types of audits, an entity could have multiple auditors in a single year. This standard was created by Congress to make audits of federal funds more efficient. Now one audit is done annually.

The Single Audit is usually performed by the same auditors that perform the normal financial statement audit. The opinion on the financial statements and the Single Audit opinion (report) are usually placed in one bound report.

Single Audit reports are electronically filed with the Federal Audit Clearinghouse. The deadline for this filing is nine months after the end of the year or thirty calendar days after the receipt of the financial statements, whichever is earlier.

Single Audit overview
Accounting and Auditing Single Audit

Understand Single Audits in Five Minutes: a Video Overview

Here’s a Single Audit overview in five minutes. This video provides an overview of what a Single Audit is…

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Single Audit Major Program Determination
Auditing

Single Audit Major Program Determination in 4 Steps

Single Audit major program determination can be challenging. And if this determination is wrong, your Single Audit will be…

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Single Audit Applicability
Auditing Local Governments

Single Audit Applicability and Objectives

In this article, I provide information about Single Audits for local governments and nonprofits. Your organization received federal funds…

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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

More About Me
  • Books
  • Media
  • Topics
Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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