Uniform Guidance (Single Audits)
Organizations expending more than $750,000 in federal awards during the year are required to receive an audit under Title 2 U.S. Code of Federal Regulations (CFR) Part 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance, previously OMB Circular A-133), otherwise known as a Single Audit.
A Single Audit requires the auditor to not only perform risk assessment procedures on the financial statements, but also as they relate to the organization’s federal award programs. Major programs are identified and each major program’s compliance and internal control over compliance are audited for compliance with the significant requirements of each major program.
If you’re not sure if your organization is subject to the Single Audit requirements, what programs are considered major programs to your organization or want more information, contact us today for help.
For-profit organizations, such as multifamily housing entities and lenders, that participate in certain programs offered by the U.S. Department of Housing and Urban Development (HUD) may require program-specific audits performed under the HUD Consolidated Audit Guide. Not-for-profit and governmental organizations participating in HUD housing programs are subject to a Single Audit, as described above.
Regardless of what type of audit is required, BKD is ready to assist. We understand HUD programs and the important elements and related testing required to help you stay in compliance.