Nonfederal entities, such as state and local governments, universities and not-for-profits, receiving more than $750,000 in annual federal funds must undergo a single audit. This comprehensive review ensures responsible use of funds and adherence to federal regulations.
Single audits, standardized by the Office of Management and Budget (OMB) in 2013 under Title 2 CFR 200, ensure consistency across sectors. The OMB's annual Compliance Supplement further clarifies program-specific requirements for auditors.
Despite these regulations, common misunderstandings persist among nonfederal entities and auditors about compliance and audit processes. This article, authored by John D’Amico, CPA, a managing director at CBIZ and shareholder at MHM, and Xixi Dong, CPA, a director at CBIZ & MHM, addresses these issues. It is reprinted with permission from the March/April 2024 issue of The CPA Journal.
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