As a result of the CARES Act, many organizations will be subject to single audit for the federal assistance received. For some, this will be a new wrinkle in their existing single audits. However, for many, obtaining a single audit will be completely new and may seem overwhelming. This course will discuss the steps that organizations should be taking to prepare for a single audit. It will serve as a road map for organizations to follow to ensure they are prepared. This is intended to be a basic overview of single audit for organizations that are not familiar with single audit requirements and planning.
- Outline basic single audit principles
- Review basic terminology and definitions
- Identify single audit requirements
- Outline how to prepare a Schedule of Expenditures of Federal Awards
- Review the requirements for developing internal controls