the single audit requirement applies to:

entities that expend $750,000 or more in federal awards in a fiscal year must have a single or program-specific audit conducted for that fiscal year. Total views 100+ DeVry University, Keller Graduate School of Management. (6) Known or likely fraud affecting a Federal award, unless such fraud is otherwise reported as an audit finding in the schedule of findings and questioned costs for Federal awards. Solutions available. Each audit finding in the schedule of findings and questioned costs must include a reference number in the format meeting the requirements of the data collection form submission required by 200.512(b) to allow for easy referencing of the audit findings during follow-up. (iii) Known or likely questioned costs that exceed five percent of the total Federal awards expended for the program. For example, a new Federal program with new or interim regulations may have higher risk than an established program with time-tested regulations. Medicaid payments to a subrecipient for providing patient care services to Medicaid-eligible individuals are not considered Federal awards expended under this part unless a state requires the funds to be treated as Federal awards expended because reimbursement is on a cost-reimbursement basis. WebThe Single Audit must be performed by an independent auditor and the reporting package (which includes the audit report) must be submitted to the Federal Audit Clearinghouse NEW JERSEY DEPARTMENT OF LAW AND PUBLIC SAFETY While not required, the auditee may choose to provide information requested by Federal awarding agencies and pass-through entities to make the schedule easier to use. (1) When audit findings were fully corrected, the summary schedule need only list the audit findings and state that corrective action was taken. (f) Report retention requirements. Although the Single Auditrequirement applies to most of the CARES Act funds and programs, you should review the Assistance Listing, available at Also, as part of the risk analysis, the auditor may wish to discuss a particular Federal program with auditee management and the Federal agency or pass-through entity. (i) A Federal program administered under multiple internal control structures may have higher risk. The auditor must determine whether the financial statements of the auditee are presented fairly in all material respects in accordance with generally accepted accounting principles. Program-specific audits are subject to: (1) 200.500 Purpose through 200.503 Relation to other audit requirements, paragraph (d); (2) 200.504 Frequency of audits through 200.506 Audit costs; (3) 200.508 Auditee responsibilities through 200.509 Auditor selection; (5) 200.512 Report submission, paragraphs (e) through (h); (7) 200.516 Audit findings through 200.517 Audit documentation; (9) Other referenced provisions of this part unless contrary to the provisions of this section, a program-specific audit guide, or program statutes and regulations. (3) Provide total Federal awards expended for each individual Federal program and the Assistance Listings Number or other identifying number when the Assistance Listings information is not available.

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