Single audits are designed to be a cost-effective way of determining whether federal grant money is being properly expended. It is up to the entity to establish and maintain a system of controls that will give reasonable assurance that the grant is being spent within the laws, regulations and specific conditions of the grant. If …
We’ve been waiting a while for this, as single audit reform has been an ongoing conversation for a few years. There will be a number of changes to single audit requirements as well as some changes to the single audit process. For now, since these changes won’t take effect until 2015 calendar year-end audits, the …
Single audits are designed to be a cost-effective way of determining whether or not federal grant money is being used properly. It is up to the entity to establish and maintain a system of controls that will give reasonable assurance that the grant is being spent within the laws, regulations and specific conditions of the …
Beginning with the Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) took a leading role in single audits. Single audits are required of any organization who expends more than $500,000 in federal assistance during the year. In June 2007 the President’s Council on Integrity & Efficiency (PCIE) issued a report …
Recently the State of Arizona began requiring Generally Accepted Government Auditing Standards (GAGAS) audits, or Yellow Book audits, of all Title 48 Governmental Districts with just a few exceptions. This has required smaller governmental entities, largely in more rural areas, to include these requirements in their overall financial statement audits. But you may be asking …
The Government Accountability Office (GAO) has recently updated the Government Auditing Standards this year. Some of you may wonder, “How is this update going to affect me?” Or, “What is my auditor going to be asking that I should be prepared for?” Among the seven chapters and over 200 pages of information that you and …