If your company or organization receives a federal award you may be required to have an annual audit in accordance with the Office of Management and Budget’s (OMB) requirement. The types of audits that may be required are:
- Single Audit– also known as the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its operations. Usually performed annually, the Single Audit’s objective is to provide assurance to the US federal government as to the management and use of such funds by recipients. The audit encompasses both financial and compliance components. The Single Audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC. In conjecture to any Single Audits conducted, a Yellow Book audit is also required.
- Program Specific Audit – A program-specific audit is an audit of an individual federal program (rather than a single audit of an entity’s financial statements and federal programs). This is a cost-effective audit for non-federal entities in that only one is performed in lieu of multiple audits of individual programs. The grantor agency may or may not allow this type of audit.
- Yellow Book Audit– also known as Generally Accepted Government Auditing Standards (GAGAS) audits. The purpose of this audit is to provide an opinion on the financial statement, in accordance to GAGAS. It also assesses internal controls and compliance issues. Most audits required by a government organization need to be conducted according to the yellow book standards.
At BSB, we have the experiences and practices of conducting financial and compliance audits. We have an in-depth understanding of the law and regulations associated with the expenditure of federal funds as well as highly trained staff in our audit team. Our staff is trained in Yellow Book requirements and has continuing to meet the Professional Education of the Government Auditing Standards.
For the last 25 years, BSB is subject to the American Institute of Certified Public Accountants (AICPA) Peer Review Program, which ensures that we are applying the best practices over the audits that we oversee and that all our service areas have met the standard quality and compliances put further. For the eighth conservative times, we have received a “pass” report in 2018.
BSB Steps to help Ensure a Quality Audit:
- Quality and knowledgeable staff with the right skills for your Yellow Book
and Single audits while also maintaining our CPE requirements in accordance with the Yellow Book standards
- Access to all grant financial and program records
- Identification of all federal programs
Not only do we have the expertise and knowledge of national audit firms but also provide unmatchable personal attention and dedications to our clients. Our commitments to provide high quality and individual attention to our clients makes BSB an ideal choice to handle your audit.
Contact us for your next Single/Yellow Book Audit at firstname.lastname@example.org or (703) 810-3540