If your organization spends federal grant money, a single audit may be required, with a filing deadline that federal agencies track. We plan the engagement around your major programs, test compliance the way the Uniform Guidance requires, and help you file on time with the Federal Audit Clearinghouse.
Under the Uniform Guidance (2 CFR 200, Subpart F), a non-federal entity that expends $1,000,000 or more in federal awards in a fiscal year must have a Single Audit. This threshold applies to fiscal years beginning on or after October 1, 2024. For earlier fiscal years the threshold was $750,000.
The test is federal awards expended, not received or awarded. Expenditures include direct awards and funding passed through a state, county or another organization. Loans, loan guarantees and some non-cash assistance can also count. The schedule of expenditures of federal awards (SEFA) is the starting point, so it must be complete and accurate.
The reporting package is generally due to the Federal Audit Clearinghouse by the earlier of 30 days after the auditor’s report is issued or nine months after the fiscal year end.
Government Auditing Standards, known as the Yellow Book, are issued by the U.S. Government Accountability Office. They add requirements on top of US GAAS, including independence rules, continuing education for auditors, and reporting on internal control over financial reporting and compliance. A Single Audit is always performed under the Yellow Book. Some grantors, state agencies and contracts require a Yellow Book audit even when a Single Audit is not required.
Not every compliance requirement comes from the Uniform Guidance. State programs, specific grant agreements and some contracts require an audit of compliance with their own terms. We perform grant and contract compliance audits that test whether funds were spent and reported as the agreement requires, and we report on compliance and related internal control.
We review your federal award schedule and confirm the audit requirement.
We determine which programs are tested, using the risk-based approach.
Financial statement and compliance testing in one coordinated plan.
Any findings are discussed with management before the report is drafted.
Final reports issued and the reporting package submitted on time.
Single Audits fail on timing and on the SEFA more often than anywhere else. We ask for the SEFA first, flag questions early, and keep the nine-month deadline in view from the first meeting. Findings are written clearly so your corrective action plan can address them.
For help managing awards before the audit, see our grant management services.
Federal awards expended during your fiscal year. That includes grants received directly from federal agencies and federal money passed through a state, county or another organization. Certain loans, loan guarantees and non-cash assistance can count too. Money awarded but not yet spent does not. Your schedule of expenditures of federal awards (SEFA) is the starting point, so getting it complete and accurate early saves time later.
The $750,000 threshold applies to fiscal years that began before October 1, 2024. The $1,000,000 threshold applies to fiscal years beginning on or after that date. For a calendar-year organization, that means 2024 used $750,000 and 2025 onward uses $1,000,000. If you are close to the line, we can review your SEFA to confirm which side you fall on.
Generally the earlier of 30 days after the auditor's report is issued or nine months after your fiscal year end, submitted to the Federal Audit Clearinghouse. Pass-through entities may also ask for copies or have reporting requirements of their own. Late filings can affect future funding, so we build the timeline backwards from the nine-month date at the very first meeting.
The Uniform Guidance uses a risk-based approach. Programs are first sorted by size, then assessed for risk based on factors such as prior audit findings, how recently the program was tested and how complex its compliance requirements are. Higher-risk programs are tested as major programs. Knowing which programs are likely to be selected helps you prepare the right records before fieldwork.
Findings are reported in the schedule of findings and questioned costs, and you prepare a corrective action plan explaining how you will fix them. Federal agencies or pass-through entities then follow up on that plan. A finding is not the end of the world, but repeat findings draw more scrutiny. We discuss any potential finding with management before the report is drafted, so your response is accurate and complete.
Send your most recent SEFA or a list of federal awards and your fiscal year end. We will confirm the requirement and quote the work.
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