Single Audit Act Statement

Benefit:

  • Meets regulatory requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Gudiance) and avoids need for two separate audits.

Who’s most likely to benefit:

  • Nonfederal entities that spend more than $750,000 annually in federal awards.

Description:

An AGH team conducts audits of both organization-wide financial statements to determine if they fairly and materially represent the organization's financial position and are in accordance with generally accepted accounting principles (GAAP), along with a compliance audit regarding federal awards, when applicable. This inquiry, analysis and confirmation of data also includes a review of internal controls, compliance with laws, regulations and grant agreements, and recommendations from any previous audit findings.