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Single Audits Are Not What They Used to Be: Certified Public Accountant
The CPA Journal ; 93(3/4):22-25, 2023.
Article in English | ProQuest Central | ID: covidwho-2293790
ABSTRACT
Single Audits Pre-COVID-19 The Single Audit Act requires that audits be performed annually, except for certain entities that have been grandfathered in for biennial audits, on behalf of all federal agencies by independent accounting firms or by individual states' internal auditors. Most of these awards were granted in 2021;however, this program was not included in the 2021 OMB Supplement. [...]auditors had to determine which compliance requirements needed to be tested using Part 7 and Part 3 of the supplement. Typically, the audit threshold for a single or program-specific audit of federal awards is based on expenditures. Because for-profit entities are not required to adhere to the audit requirements in 2 CFR Part 200, the SBA has the flexibility to define audit requirements and thresholds specific to the SVOG program. [...]the SBA has defined the audit threshold for a for-profit entity that has received an SVOG award based on the GAAP principle of revenue recognition, specifically applied to recognition of an SVOG award.
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Collection: Databases of international organizations Database: ProQuest Central Language: English Journal: The CPA Journal Year: 2023 Document Type: Article

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Collection: Databases of international organizations Database: ProQuest Central Language: English Journal: The CPA Journal Year: 2023 Document Type: Article