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Proper understanding of the single audit process can be the key to avoiding common audit findings.
CliftonLarsonAllen (CLA) can help you gain an understanding of what your organization should be aware of, and what your auditors will be testing, as you start the single audit process for both financial statements and federal grant awards.
What’s on your mind?
- Applicability of a single audit and the definition of a federal award
- Your requirements and responsibilities, including internal control over compliance and the preparation of the schedule of expenditures of federal awards
- Auditor requirements, including major program determination and reporting of findings
- Understanding what is needed from management in a single audit
- Identifying needed procedures and policies to meet compliance regulations
A unique approach
Single audits can be complex, and it can be difficult to understand what will be involved and what your organization can do to prepare. You play a key part in the single audit process, and it is important that you are well-educated about the requirements and expectations of your role. We work with your organization to walk through the components of a single audit and provide tips on how you can avoid common audit findings.
Single audit preparation services
After gaining an understanding of your current grant agreements and requirements, we will develop an on-site training program specific to your organization. It will cover what you need to have in place, including grant agreements and documents, and what your auditors will be testing under single audit regulations.