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In the United States, the Single Audit, Subpart F of 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.
This annual audit applies to any state and local government, non-profit entity, or Indian tribe that expended $750,000 or more of Federal assistance within one fiscal year. The Single Audit incorporates the auditing of the use and management of the federal funds to verify if it complied with the laws and regulations applicable to that specific ...
Rhett D. Harrell (May 4, 2006), Local Government and Single Audits 2006, CCH (Wolters Kluwer), ISBN 0-8080-9023-2; The Single Audit Act: Audits of States, Local Governments and Non-Profit Organizations; AICPA Audit Committee Toolkit: Non-profit Organizations; American Institute of Certified Public Accountants (AICPA)
Without it, auditors would need to research many laws and regulations for each single program of a recipient to determine which compliance requirements are important to the Federal Government. For Single Audits, the Supplement replaces any agency audit guides and other audit requirement documents for individual Federal programs. [1]
It includes a list of all non-classified federal programs for which awards are made to recipients. Government Finance Officers Association; President's Council on Integrity & Efficiency (maintained by the Offices of Inspector General) Single Audit Clearinghouse. Users may inquire about a specific recipient's submission of its Single Audit reports.
[5] [6] [7] [a] Likewise, the state auditor performs under contract the annual single audit of federal programs administered by state agencies and their subrecipients (i.e., nonprofits and localities), which accounts for another $20 to $26 billion of public spending depending on the fiscal year.
The steps required to become a nonprofit include applying for tax-exempt status. If States do not require the "determination letter" from the IRS to grant non-profit tax exemption to organizations, on a State level, claiming non-profit status without that Federal approval, then they have actually violated Federal United States Nonprofit Laws.
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...