The Sample - What Is a Single Audit?

In this episode of THE SAMPLE, Leita Hart-Fanta, CPA answers the question, “What is a Single Audit?”
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Welcome to The Sample, a quick discussion of auditing concepts and terms that will help you do your work. Conducting an audit in accordance with auditing standards is no small feat and I want to support you. We'll be referring to the GAO (https://www.gao.gov), IIA (https://na.theiia.org/Pages/IIAHome.aspx) and AICPA (https://www.aicpa.org) literature to bolster our conversations. Let's get started.

In this episode, we answer the question, "What is the single audit?" Now, that word single is a little misleading because a single audit is actually made up of multiple audit objectives, as I will tell you in just a minute. It also got a participant in one of my classes in some trouble because his wife looked at his calendar and saw that he was going to a class that day for single auditors. She thought he was stepping out on her.

So the name is a little wonky. But what it's regarding, what the single audit is about, is auditing nonfederal entities that receive federal money, who spend federal money. So the feds send this money out to achieve their purposes, and they want to make sure these non-federal entities are actually spending the money according to the grantor's expectation. So nonfederal entities could be something like a state or a local government, like a city or a school district. It could be a not-for-profit, could be a commercial entity; it could be a university, could be a lot of different entities that spend federal money.

Read the rest at: https://yellowbook-cpe.com/what-is-a-...
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