the single audit requirement applies to:

Demystifying the Single Audit for Nonprofits However, if the auditor does become aware of questioned costs for a Federal program that is not audited as a major program (e.g., as part of audit follow-up or other audit procedures) and the known questioned costs are greater than $25,000, then the auditor must report this as an audit finding. Enhanced content is provided to the user to provide additional context. The determination of when a Federal award is expended must be based on when the activity related to the Federal award occurs. At the completion of the audit, the auditee must prepare, in a document separate from the auditor's findings described in 200.516, a corrective action plan to address each audit finding included in the current year auditor's reports. Major inadequacies or repetitive substandard performance by auditors must be referred to appropriate state licensing agencies and professional bodies for disciplinary action. This depends on the type of Federal financial assistance being provided by the Federal agency through the CARES Act. With no significant (a) Audit findings reported. If you receive $750k in federal grants and expend $300k one year and $450k the next, the Single Audit trigger may not have been reached. Tapwell Brushed Nickel, Bad Time Trio Simulator Unblocked, The Wonder Years Band Allegations, The Validity Of A Syllogism Depends On, San Antonio Wagner High School Basketball, Articles T
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C. Audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133. Any biennial audit must cover both years within the biennial period. Learn more about the eCFR, its status, and the editorial process. Washington, D.C. 20201 If an NFP receives and spends a minimum amount from the federal government in a given year, it must conduct a single audit for that year. (c) Pass-through entity. Toll Free Call Center: 1-877-696-6775, Call FAC at the toll-free number: (800) 253-0696. The designated cognizant agency for audit must be the Federal awarding agency that provides the predominant amount of funding directly (direct funding) (as listed on the Schedule of expenditures of Federal awards, see 200.510(b)) to a non-Federal entity unless OMB designates a specific cognizant agency for audit. If you have comments or suggestions on how to improve the www.ecfr.gov website or have questions about using www.ecfr.gov, please choose the 'Website Feedback' button below. Medicare payments to a non-Federal entity for providing patient care services to Medicare-eligible individuals are not considered Federal awards expended under this part. Does the Single Audit requirement apply to CARES Act funding? For those Federal programs not covered in the compliance supplement, the auditor must follow the compliance supplement's guidance for programs not included in the supplement. Demystifying the Single Audit for Nonprofits However, if the auditor does become aware of questioned costs for a Federal program that is not audited as a major program (e.g., as part of audit follow-up or other audit procedures) and the known questioned costs are greater than $25,000, then the auditor must report this as an audit finding. Enhanced content is provided to the user to provide additional context. The determination of when a Federal award is expended must be based on when the activity related to the Federal award occurs. At the completion of the audit, the auditee must prepare, in a document separate from the auditor's findings described in 200.516, a corrective action plan to address each audit finding included in the current year auditor's reports. Major inadequacies or repetitive substandard performance by auditors must be referred to appropriate state licensing agencies and professional bodies for disciplinary action. This depends on the type of Federal financial assistance being provided by the Federal agency through the CARES Act. With no significant (a) Audit findings reported. If you receive $750k in federal grants and expend $300k one year and $450k the next, the Single Audit trigger may not have been reached.

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