A Single Audit, also known as a Uniform Guidance audit, is a specific type of audit conducted on organizations that receive federal funding. A non-federal entity becomes subject to a Single Audit when it expends a certain threshold of federal funds in a fiscal year (usually $750,000 or more). The purpose of the Single Audit is to examine and ensure that the organization has complied with the requirements of the federal awards it received. The Single Audit report provides the federal government with an assurance that the funds are being used appropriately and in accordance with applicable laws and regulations.
The Single Audit is essential in promoting transparency, accountability, and stewardship of federal funds and helps identify any areas of concern or non-compliance that may need corrective action. The audit report is submitted to the Federal Audit Clearinghouse (FAC), where it becomes publicly available for review.
Is your organization compliant? Our assurance services are the best way to know.
Our experts have extensive experience working with nonprofit organizations that receive federal grants and are subject to Single Audits. We deliver much more than the required compliance and financial statements audit by reviewing and helping you understand the applicability of a single audit and the definition of a federal awards, and your requirements and responsibilities related to internal control over compliance and the preparation of the schedule of expenditures of federal awards.
During a Single Audit, we review your financial statements and internal controls related to federal programs. We also assess your organization’s compliance with the terms and conditions of the federal grants, as outlined in the Uniform Guidance, applicable compliance supplements and grant agreements.
A Commitment to Client Success
The Rubino team has decades of experience performing single audits, and our work has covered grants from both state and federal sources, examples include the following:
One of our shareholders frequently provides written testimony in support of cost disallowance cases to the U.S. Department of Health & Human Services Departmental Appeals Board.
One of our shareholders was the National Director of Government Contract Services for a “Big Six” accounting firm prior to founding Rubino & Company.
Rubino itself is the recipient of government contracts and is required to comply with the same rules and procedures as many of our clients.