(e) Step four. Single Audit . However, Federal agencies and pass-through entities may provide auditors guidance about the risk of a particular Federal program and the auditor must consider this guidance in determining major programs in audits not yet completed. Single Audit Act Requirements - michigan.gov This part sets forth standards for obtaining consistency and uniformity among Federal agencies for the audit of non-Federal entities expending Federal awards. (1) When audit findings were fully corrected, the summary schedule need only list the audit findings and state that corrective action was taken. (3) The condition found, including facts that support the deficiency identified in the audit finding. A program-specific audit may not be elected for R&D unless all of the Federal awards expended were received from the same Federal agency, or the same Federal agency and the same pass-through entity, and that Federal agency, or pass-through entity in the case of a subrecipient, approves in advance a program-specific audit. A non-Federal entity that expends $750,000 or more during the non-Federal entity's fiscal year in Federal awards must have a single audit conducted in accordance with 200.514 except when it elects to have a program-specific audit conducted in accordance with paragraph (c) of this section. (4) For biennial audits permitted under 200.504, the determination of Type A and Type B programs must be based upon the Federal awards expended during the two-year period. (f) Report retention requirements. WebQ-10. The designated cognizant agency for audit must be the Federal awarding agency that provides the predominant amount of funding directly (direct funding) (as listed on the Schedule of expenditures of Federal awards, see 200.510(b)) to a non-Federal entity unless OMB designates a specific cognizant agency for audit. Therefore, the auditor is only required to perform risk assessments on Type B programs that exceed twenty-five percent (0.25) of the Type A threshold determined in Step 1 (paragraph (b) of this section). (e) Nothing in this part precludes combining of the audit reporting required by this section with the reporting required by 200.512(b) when allowed by GAGAS and appendix X to this part. A listing of current program-specific audit guides can be found in the compliance supplement, Part 8, Appendix VI, Program-Specific Audit Guides, which includes a website where a copy of the guide can be obtained. Web(2) When reporting on any single audit, the auditor shall include a summary of the auditor's results regarding the non-Federal entity's financial statements, internal controls, and An NFP may elect to conduct a program-specific audit if it meets the following requirements: It expended all federal funds on one federal program, except for R&D (see below). The site is secure. Prior to commencing such an audit, the Federal agency or pass-through entity must review the FAC for recent audits submitted by the non-Federal entity, and to the extent such audits meet a Federal agency or pass-through entity's needs, the Federal agency or pass-through entity must rely upon and use such audits.

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