Every year, the federal government provides more than $400 billion in grants and awards for the purpose of benefiting the public in the areas of education, health, public safety, welfare, and public works, among others. If your organization expends $750,000 or more of federal grants and awards in a year, then your organization is required to have an annual single audit, as mandated by the Single Audit Act of 1996.
A single audit provides assurance that recipients of federal funds comply with the laws and regulations, as well as specific program requirements identified by the funding agency. However, single audits can often be complex and troublesome. The Uniform Guidance and Single Audit Act Amendments demand a rigorous compliance based audit of transactions associated with the use of these funds in addition to a standard financial statement audit.
The CPAs of McConnell & Jones LLP spend thousands of hours annually performing single audits for numerous clients in a variety of market sectors including commercial organizations, nonprofit organizations, and government agencies. Our single audit services include:
- Audits in accordance with Uniform Guidance
- Audits in accordance with the Single Audit Act Amendments of 1996
- Program Specific Audits
- Audit in accordance with OMB Circular A-21
- Audits in accordance with OMB Circular A-122
- Completion of the Data Collection Form as required by the Federal Audit Clearinghouse