What is the purpose of the Single Audit?

The Single Audit serves a critical function in the oversight of federal funds being utilized by non-federal entities, such as state and local governments, and nonprofit organizations. This audit aims to ensure that these entities comply with federal regulations and requirements while managing their financial operations.

The focus of the Single Audit is primarily on financial management and compliance with federal program requirements, including the evaluation of the entity’s internal controls and the accuracy of financial reporting. By assessing financial operations and compliance, the audit helps to safeguard federal funds and enhance accountability in the use of such funds, ensuring that they are utilized effectively and in accordance with the intended purposes.

This rigorous evaluation is vital to detect any discrepancies or non-compliance issues that could hinder the proper utilization of federal funding, thereby protecting the integrity of the federal grant programs and the trust of taxpayers.