Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year. It is intended to provide assurance to the Federal Government that a non-federal entity has adequate internal controls in place, and is generally in compliance with program requirements. Non-federal entities typically include states, local governments, Indian tribes, universities, and non-profit organizations.
The Single Audit test model examines non-federal entity post-award reporting requirements under the Single Audit Act. These requirements may be facilitated by a more streamlined approach for SF-SAC/SEFA reporting.
Hypothesis: If non-federal entities do not have to report the same information on duplicative forms (i.e. SEFA vs. SF-SAC), then non-federal entity burden will be reduced.
Test: Provide non-federal entities with the draft 2016 expanded Single Audit Concept Form (SF-SAC only), and collect participant feedback on a more streamlined approach for SF-SAC/SEFA reporting.
Discussion: Present the draft expanded Single Audit form and allow participants to comment upon the SF-SAC changes in a live setting.
Why is this important?
- Eliminates unnecessary duplication in audit and financial reporting (i.e. SEFA vs. SF-SAC).
- Reduces compliance costs for non-federal entities.
- Uses stakeholder feedback to inform changes.
- Builds on the concept of developing a central location for non-federal entities to submit all information electronically.
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