If your not-for-profit organization spends more than $750,000 in federal funds during a year, it may be subject to a single audit.  The funding may be received directly from a federal agency or it may be received indirectly through state or local governments or possibly other entities.  The federal assistance may be in the form of cash or it could be in form of non-cash assistance such as loans.  Organizations may not have realized at the time that assistance was provided under the CARES Act or some other COVID-19-related legislation that those federal programs may have provisions that require single audits to be performed.  State and local governments may also require single audits to be performed related to their programs.   A single audit is an organizational wide audit that assess the organization’s compliance with the requirements of federal laws and regulations.  States and local governments may also have the same conditions related to their programs.  In certain circumstances, the organization may qualify for program specific audits rather than a single audit.  A single audit is separate from a financial statement audit. 

 

     At the planning stage of a single audit, we will review the organization’s programs and their related requirements to determine whether a single audit is required.  If a single audit is required, we will coordinate with organizational personnel to ensure that all the governmental programs and their requirements have been identified.  As part of the single audit requirements, we will perform procedures to test the organization’s internal controls to assess whether the organization is in compliance with the applicable laws and regulations.  During the course of the audit, we will advise you as the results of our procedures.  Should there be any findings be identified during the audit, we will discuss these matters with you in advance.  We will assist you with the preparation and filing of the data collection form to be filed directly with the Federal Audit Clearinghouse at the completion of the audit. 

 

     At EC Barrett, LLC, we perform single audits as well as perform program audits.  Our goal is to perform an efficient audit and to minimize expense to the organization while performing an effective and compliant audit in accordance with auditing standards generally accepted in the United States of America, the auditing standards applicable to financial audits contained in government auditing standards, and the audit requirements under the federal uniform guidance.