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CPA Voice: Understanding the challenges of single audits

Written on Oct 14, 2021
Hundreds of billions of dollars of federal aid helped keep business afloat during the pandemic, but they also for the first time triggered the requirement for thousands of non-profit organizations to obtain a single audit. 

In the September/October issue of CPA Voice, OSCPA Executive Vice President Laura Hay, CPA, CAE, explains how that puts many organizations in a challenging position. It’s critical that the entity that received a grant or award thoroughly understands all the requirements of that funding. 

Many external CPA firms provide resources to assist clients in preparing for a single audit for the first time. Risks include Internal controls related to compliance requirements, Hay writes. 

“A single audit includes testing of internal controls over federal programs. Preparing for a single audit should include an overview of whether internal controls over federal programs are designed to properly address the requirements of grants and awards, and whether these controls are functioning as intended.” 

Read the entire article now to learn more. And while you’re there, check out the rest of the issue and earn a CPE credit! 

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue. 

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge. 

Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.