As a result of the coronavirus pandemic, many organizations applied for and received federal funds for the first time (or are planning to). And with that, comes additional compliance requirements. If your organization spends more than $750,000 in federal funds during a fiscal year – a Single Audit is required. This audit is intended to ensure the federal funds are spent properly and must be conducted by an independent auditor.
Please note: Paycheck Protection Program (PPP) funds are not subject to the single audit requirement.
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