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

• If reports are available but the specialist is still unable to determine if the Subrecipient is subject to Single audit requirements, then the specialist will send the Certification Letter to the Subrecipient six months after the Subrecipient’s fiscal year end.

• During the desk reviews, the specialist will monitor the Subrecipient’s Single audit report on an annual basis to ensure compliance with federal regulations.

• GOHSEP will utilize the DR Master Tracker to document when the confirmations were distributed to the Subrecipients, date confirmations were received, and whether or not the Subrecipient is subject to Single audit requirements.

• Desk reviews are composed of a review of the Subrecipient’s Single audit reports for their most current fiscal year completed.

• Single audit if required,$4,350.June 30, 2024 GAGAS audit and all reports, $21,700.

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 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.

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 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 that includes both the entity’s financial statements and the funds awarded by the department and expended during the entity’s fiscal year.