Single Audit definition

Single Audit means an audit that includes an examination of an organization's financial statements, internal controls, and compliance with the requirements of Federal or State awards.

Single Audit. ’ means an audit, as de- scribed under section 7502(d), of a non-Federal entity that includes the entity’s financial statements and Federal awards;

Single Audit means the audit designed to meet the needs of all federal grantor agencies and performed in accordance with the Single Audit Act of 1984 (as amended in 1996) and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. The Single Audit Act of 1984 (and as amended) is federal legislation that provides for state and local government recipients of federal financial awards to have one audit performed to meet the needs of all federal grantor agencies.

Examples of Single Audit in a sentence

• The grantee is required to complete a Single Audit Act certification form through the Department of State grants management system at xxxxx://xxxxxxxxx.xxx/.

• Subpart F – Audit Requirements of the Uniform Guidance, implementing the federal Single Audit Act, shall apply to this award.

• The Grantee shall submit one hard copy of the State Single Audit Report or Program-Specific Audit Report, including the management letter and corrective action plan, if applicable, to the Office of Policy and Management / Office of Finance no later than six months after the end of the audit period.

• The State Single Audit Report or Program-Specific Audit Report, including the management letter and corrective action plan, if applicable, should be uploaded by the Grantee’s independent auditor to the State of Connecticut Office of Policy and Management’s Electronic Audit Reporting System (EARS) website no later than six months after the end of the audit period (Web address: xxxxx://xxx.xxxxxxx.xxx.xx.xxx/Auditing/Home.aspx) and a copy shall be given to the Grantor agency.

• Single Audit Requirements If a Subrecipient expends $750,000 or more in Federal Awards during the Subrecipient’s fiscal year, the Subrecipient shall procure or arrange for a single or program-specific audit conducted for that year in accordance with the provisions of Subpart F-Audit Requirements of the Uniform Guidance, issued pursuant to the federal Single Audit Act Amendments of 1996, (31 U.S.C. 7501-7507).

More Definitions of Single Audit

Single Audit means an audit that includes an examination of an organization's financial statements, internal controls, and compliance with the requirements of federal or state awards.

Single Audit means an audit that includes both the entity's financial statements and the federal awards as described in 2 C.F.R. part 200 for entities which expend seven hundred fifty thousand dollars or more during the entity's fiscal year in federal awards or subawards.

Single Audit means the same as that term is defined in 31 U.S.C. Sec. 7501.

Single Audit means a financial and compliance audit as defined in the federal Single Audit Act of 1996, as amended, in section 7502(d), chapter 75, title 31 of the United States Code, of a nonfederal entity that includes the entity’s financial statements and federal awards. Each single audit conducted for any fiscal year shall cover the operations of the entire nonfederal entity; or at the option of the nonfederal entity, the audit shall include a series of audits that cover departments, agencies, and other organizational units that expend or otherwise administer federal awards during the fiscal year being audited except that each such audit shall encompass the financial statements and schedule of expenditures of federal awards for each department, agency, and organizational unit, which shall be considered to be a nonfederal entity.

Single Audit means an audit, as provided in section 4-235, as amended by this act, that encompasses an entity's financial statements and state financial assistance.

Single Audit means an audit that includes an examination of an organization's financial

Single Audit means financial, internal control and compliance audits of a non-federal entity administering federal assistance awards including the financial statements of the entity as required by 2 CFR Part 200.501 as well as applicable FEMA and state policies and guides.