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). 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 federal government regarding as to the management and use of such funds by a recipient. The audit encompasses both financial and compliance components. Single audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC. In conjunction 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 audit 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 with 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.
BSB Steps to help Ensure a Quality Audit:
- Knowledgeable, capable staff with the skills required to conduct your Yellow Book
and Single audits, while maintaining the required CPE in accordance with the Yellow Book standards
- Access to all grant financial and program records
- Identification of all federal programs
- Staff and management have obtained their Advanced Intermediate Single Audit certificate from the AICPA
Not only do we at BSB have the expertise and knowledge of national audit firms but we also provide unmatchable personal attention and dedication to our clients. Our commitment to provide high quality and individual attention to our clients makes BSB an ideal choice to handle your audit.
Download our Single and Yellow Book Audit Brochure
Contact us for your next Single/Yellow Book Audit at email@example.com or (703) 591-5200