In short
A single audit is an audit of a nonfederal entity, such as a state or local government or a not-for-profit, that spends $1,000,000 or more of federal awards in a year (for fiscal years beginning on or after October 1, 2024). It covers the financial statements and compliance with the requirements of major federal programs.
Key takeaways
- It is required by the Single Audit Act and the federal Uniform Guidance.
- It is performed under Government Auditing Standards as well as generally accepted auditing standards.
- The auditor reports on internal control over compliance and on compliance for each major program.
Where it's tested
AUD: Audit Reports — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An auditor is unable to observe the physical inventory count or satisfy themselves through alternative procedures, and inventory represents 60% of total assets. What opinion is appropriate?