A single audit is an entity-wide audit consisting of two components: an audit of the financial statements and a compliance audit of the entity's major federal award programs. Not all state and local governments and nonprofit organizations that receive federal awards are subject to the single audit requirements. Organizations that expend $750,000 or more in federal awards during a year are subject to the single audit requirement for that year. Since Federal programs have increased in breadth leading to much greater scrutiny from regulators, selecting an experienced auditor is a must.
Draffin & Tucker has extensive single audit experience and offers a product that reaches beyond regulatory compliance and includes recommendations to improve governmental contract compliance.