Preparing for Single Audits

Preparing for Single Audits

By Stephanie Jacobs, CPA 
Manager
Baker Tilly US, LLP


If you are not familiar with what a Single Audit entails, chances are your school district has not historically expended a significant amount of federal awards that are subject to Uniform Guidance. However, with the influx of federal funding to address the impact of COVID-19, more school districts were required to undergo a Single Audit than in the past. When participating in federal awards, it is important to know when a Single Audit is required and how to properly prepare for it.

A Single Audit is required when your school district expends $750,000 or more in federal awards within a fiscal year. In addition to the audit of the financial statements, a Single Audit is an audit of a recipient’s federal award program(s) conducted in accordance with 2 Code of Federal Regulations (CFR) Part 200 (Uniform Guidance). The scope of the audit includes all federal awards received by the entity and its aim is to test compliance with the award terms and conditions based upon the audit requirement established by Uniform Guidance, which includes reviewing an entity’s internal controls over the federal award program(s) and testing compliance. 

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