Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time.
The GAQC has also developed a great checklist, Tips for Organizations Subject to Single Audit Requirements, to provide eight tips for organizations newly subject to single audit rules. This document may also be useful as a reminder for organizations normally required to have a single audit.
The eight tips included are:
- Know When You Need a Single Audit
- Understand Your Federal Funding
- Understand Relevant Compliance Requirements
- Establish Effective Internal Controls
- Evaluate Compliance
- Ensure Your Auditor is Qualified
- Preparation Steps
- After Audit Steps
If you have any questions about your single audit, contact us today.
Rachel Smathers CPA
Principal
rachel.smathers@hwco.cpa