Your organization has just received its first federal grant
award and everyone is thrilled. As the celebration is going
strong and everyone is in high spirits, the executive director
mentions that she heard from a colleague that these federal awards
come with extra strings attached. She asks you, the
controller, if this is the case. You wonder to yourself, what
do I need to look out for?
Single Audit Requirements
The first thing to determine is if your organization is now
subject to a Single Audit. A Single Audit is a specialized
audit that focuses on the federal awards an organization
receives. This audit goes beyond analyzing the financials of
your organization and takes a deeper look into your
organization's policies and controls.
