Single Audit

40 examples (0.04 sec)
  • The second part includes information about the Single Audit itself.
  • The jump server acts as a single audit point for traffic and also a single place where user accounts can be managed.
  • In order to monitor the fair, legal, and correct use of these funds, the government created the Single Audit.
  • These two divisions were further consolidated into a single Audit Division in 1926.
  • It is considered to be the most important tool of an auditor for a Single Audit.
  • Therefore, the Single Audit differs from recipient to recipient and from federal program to program.
  • The Single Audit requires that a recipient prepare financial statements specifically for the single audit.
  • As part of the Single Audit, the auditor must prepare and submit three individual reports to the recipient and to the federal government.
  • It serves to identify existing important compliance requirements that the Federal Government expects to be considered as part of a Single Audit.
  • Depending on the recipient, the Single Audit can be simple and straightforward, or it could be complex and troublesome.
  • It operates and maintains an of Single Audit information submitted by recipients going back to 1997.
  • This determination affects the entire Single Audit because the auditor adjusts the examination accordingly.
  • Before implementing the Single Audit, the federal government relied on numerous audits carried out on individual federally funded programs to ensure these funds were spent properly.
  • In addition, CPA firms who perform local government financial audits that include an A-133 "single audit" must follow yellow book standards.
  • The online database can be accessed by Federal agencies and the general public to learn about a specific recipient's Single Audit results, although it is limited to the information previously mentioned.
  • Although the actual work necessary for a Single Audit is established by the auditor, the OMB has set a limit for auditing high-risk and low-risk recipients.
  • The data collection form, Form SF-SAC, is a standard form which is basically a summary of the Single Audit.
  • A joint audit allows rotation of audit firms, and retains knowledge and understanding of group operations in a way that minimizes the disruption caused when a single audit firm is changed.
  • These new guides and provisions standardized the Single Audit in the United States to include all states, local governments, non-profit organizations, and institutions that receive federal funds from the US government.
  • Additionally, Federal agencies may request to see a recipient's Single Audit reporting package to obtain more specific and detailed information about the audit results and about any findings encountered.
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