“Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year. It is intended to provide assurance to the Federal Government that a non-federal entity has adequate internal controls in place and is generally in compliance with program requirements. Non-federal entities typically include states, local governments, Indian tribes, universities, and non-profit organizations.” – HHS.gov
Many healthcare providers across the United States received funds from the new federal programs established by the CARES Act, most notably the Provider Relief Fund. These funds were provided to help hospitals and other healthcare providers across the United States continue to provide service to their communities, maintain their staff, and prevent, prepare for, and respond to the coronavirus. The funds distributed to healthcare organizations is significant and may result in many hospitals and other healthcare providers being subject to various compliance reporting requirements including a single audit.
A single audit is required for those organizations which receive and expend government program funds in excess of $750,000. A single audit is generally due nine months after the organization’s fiscal year end. It is important to note that if the single audit identifies any issues or other matters, the audit findings are required to be communicated to the Federal Audit Clearinghouse and made available to the public.
At Draffin Tucker, we recognize the challenges healthcare organizations are facing to ensure compliance with the new federal assistance programs, especially since it is the first time many will need a single audit. We have performed single audits for our clients for many years and understand how to conduct them and the requirements surrounding them. Our professionals have also gained an in-depth understanding of the CARES Act regulations. They can assist healthcare organizations in navigating the various funding programs and respond to compliance reporting requirements.
We are here to help evaluate the funds received, assist in considering any reporting or compliance audit requirements, and determine if a single audit is required. If a single audit is required, our team of professionals are ready to complete the single audit and guide organizations in meeting the compliance requirements.
For details on COVID-19 and available government programs, visit our COVID-19 Resource Center.
New to Single Audit? To learn more about the requirements and how to prepare for a Single Audit, click here to contact one of our professionals about single audits.