Preparing for Your Single Audit: Uniform Guidance for Federal Awards
Single audits are complex engagements with a number of unusual audit requirements.
The single audit process always runs more smoothly when auditees have an understanding of the audit process and are prepared for it. McConnell & Jones is committed to helping clients better understand the new single audit requirements under Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards under 2CFR § 200, and comprehend various responsibilities placed on auditees. Therefore, we have prepared the following presentation which includes various responsibilities placed on auditees, and tips for preparing for a single audit.
- A high-level overview of the new single audit requirements;
- List of auditee’s responsibilities for internal control over compliance and their compliance reporting requirements;
- Tips on how to apply the new Uniform Guidance for Federal Awards in the preparation of the Schedule of Expenditures of Federal Awards (SEFA);
- Opportunities to better prepare for the single audit and steps that can be taken to help ensure a quality audit is obtained.
The Governmental Audit Quality Center (GAQC) believes that meaningful improvements in single audit quality will only occur when all of the key single audit stakeholder groups—the auditing profession, procurers of single audit services, and the federal agencies—are involved in the solution.
Additional Articles and Thought Leadership From the Governmental Assurance Team:
- GASB 72 Fair Value Measurement and Application
- Financial Statements for Nonprofit Entities | FASB Proposed Guidelines
- Bookkeeping and Tax Issues Important to Nonprofit Organizations