Single Audits and Compliance for Federal Award Recipients
Organizations receiving federal financial assistance — grants, cooperative agreements, loans, and other federal awards — face audit obligations that go significantly beyond a standard financial statement audit. When federal expenditures exceed $1,000,000 in a fiscal year (for fiscal years beginning on or after October 1, 2024, following the OMB's 2024 Uniform Guidance revision), a Single Audit is required under 2 CFR Part 200.
The Single Audit is a rigorous process: it covers not only your financial statements but also a detailed compliance examination of each major federal program — testing whether federal funds were used for their intended purpose, in accordance with grant terms, and in compliance with applicable federal laws and regulations. The completed reporting package must be submitted to the Federal Audit Clearinghouse and is publicly accessible.
