Every year, the government awards billions of dollars in grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, and direct appropriations and federal cost reimbursements which are subject to audit requirements.
Under the Single Audit Act Amendments of 1996 and OMB Circular A-133, Not-for-Profit entities whose total federal expenditures equal or exceed $500,000 annually, require a Single Audit, also known as the A-133 audit. Single Audits are designed to ensure that the recipient of federal funds is financially sound, responsible, and in compliance with federal program requirements for the use of federal funds.
A few examples of Federal Assistance include:
Grants
Contracts
Loans
Property
Interest Subsidies
Insurance
Direct Appropriations
Endowments
When choosing an auditor for a Single Audit, consider the following factors:
Relevant experience and demonstration of qualifications
Availability of staff with appropriate technical abilities
Results of the firm’s external peer review
Emerick & Company is a member of the American Institute of Certified Public Accountants (AICPA) and its Governmental Audit Quality Center, which ensures that our auditors are kept up-to-date on the latest audit requirements. We have performed numerous single audit engagements, as well as other compliance audits and attestation engagements required by federal, state, or local laws and regulations, making us professionals at the nuances and compliance issues involved in these types of audits.
Emerick and Company takes pride in maintaining the highest level of client service, and we will ensure that all of your questions are answered quickly and professionally.
Please contact us here if you would like to discuss your needs or request a proposal.