Single Audit FAQs
Office of the State Controller Single Audit FAQs
What is a single audit? o A single audit is an audit of an organization’s financial statements and a compliance audit of Federal awards. o Applies to entities that expend $750,000 or more of Federal assistance received for its operations. o Includes states, local government and non-profit organizations.
When is a single audit required? o A single audit will be conducted if you expend $750,000 or more in Federal awards in a fiscal year.
When is the audit done? o An audit is conducted every year.
What time period does it cover? o The audit covers the State fiscal year.
Which Federal programs does it cover? o The audit only includes major programs.
What do auditors look for? o What the auditors look for will depend on the program. This is covered in the Office of Management and Budget (OMB) 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, commonly referred to as the Uniform Guidance.
What are the compliance requirements? o Typically, several compliance requirements are reviewed: Activities allowed or disallowed Allowable costs/cost principles Cash management Eligibility Equipment and real property management Period of availability Procurement Reporting Subrecipient monitoring Special tests and provisions
6/6/2017
Office of the State Controller Official Memorandum
What are some common Single Audit findings? o State of North Carolina most common Single Audit findings: Reporting/recordkeeping Time and Effort documentation Cash management Procurement Unallowable costs Acceptable use of funds
What sources are available to track federal funds? o FFIS Grants Database - http://www.ffis.org/database o The grants database provides state allocations for 240+ programs—approximately 91% of total grant funding to state and local governments. FFIS tracks primarily formula grants, although several project grants are included in the database. The database provides both historical and current-year data.
USAspending.gov – www.USASpending.gov o This website reports the recipients of federal spending, but it lacks the consistency, methodology, and historical perspective that the CFFR provided. It provides information for contracts, grants, loans, and direct payments, but not for federal wages.
Catalog of Federal Domestic Assistance (CFDA) - https://www.cfda.gov o CFDA.gov does not provide state-specific funding data. It does provide detailed program descriptions for all federal assistance programs, including eligibility, formulas, and use restrictions.
Grants.gov - https://www.grants.gov o The website includes a searchable database for all types of federal financial opportunities.
2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards https://www.federalregister.gov/articles/2013/12/26/2013-30465/uniformadministrative-requirements-cost-principles-and-audit-requirements-for-federal-awards
Additional Information: o May 17, 2017 - U.S. Office of Budget and Management (OMB) Federal Register Update on Procurement Procedures
Page 2 of 2
What is a single audit? o A single audit is an audit of an organization’s financial statements and a compliance audit of Federal awards. o Applies to entities that expend $750,000 or more of Federal assistance received for its operations. o Includes states, local government and non-profit organizations.
When is a single audit required? o A single audit will be conducted if you expend $750,000 or more in Federal awards in a fiscal year.
When is the audit done? o An audit is conducted every year.
What time period does it cover? o The audit covers the State fiscal year.
Which Federal programs does it cover? o The audit only includes major programs.
What do auditors look for? o What the auditors look for will depend on the program. This is covered in the Office of Management and Budget (OMB) 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, commonly referred to as the Uniform Guidance.
What are the compliance requirements? o Typically, several compliance requirements are reviewed: Activities allowed or disallowed Allowable costs/cost principles Cash management Eligibility Equipment and real property management Period of availability Procurement Reporting Subrecipient monitoring Special tests and provisions
6/6/2017
Office of the State Controller Official Memorandum
What are some common Single Audit findings? o State of North Carolina most common Single Audit findings: Reporting/recordkeeping Time and Effort documentation Cash management Procurement Unallowable costs Acceptable use of funds
What sources are available to track federal funds? o FFIS Grants Database - http://www.ffis.org/database o The grants database provides state allocations for 240+ programs—approximately 91% of total grant funding to state and local governments. FFIS tracks primarily formula grants, although several project grants are included in the database. The database provides both historical and current-year data.
USAspending.gov – www.USASpending.gov o This website reports the recipients of federal spending, but it lacks the consistency, methodology, and historical perspective that the CFFR provided. It provides information for contracts, grants, loans, and direct payments, but not for federal wages.
Catalog of Federal Domestic Assistance (CFDA) - https://www.cfda.gov o CFDA.gov does not provide state-specific funding data. It does provide detailed program descriptions for all federal assistance programs, including eligibility, formulas, and use restrictions.
Grants.gov - https://www.grants.gov o The website includes a searchable database for all types of federal financial opportunities.
2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards https://www.federalregister.gov/articles/2013/12/26/2013-30465/uniformadministrative-requirements-cost-principles-and-audit-requirements-for-federal-awards
Additional Information: o May 17, 2017 - U.S. Office of Budget and Management (OMB) Federal Register Update on Procurement Procedures
Page 2 of 2
