Single Audit Preparation Service
Organizations that receive federal funding, such as non-profits, state, and local governments, must adhere to specific regulations to maintain transparency and accountability. One critical requirement for these entities is the Single Audit, also known as the Uniform Guidance Audit.
At Dimov Audit, we specialize in conducting comprehensive Single Audits to ensure compliance with federal regulations and proper management of federal funds. This page provides an overview of what a Single Audit is, the steps involved, and the specialized services we offer.
What is a Single Audit?
A Single Audit is a rigorous examination required for organizations that spend $750,000 or more in federal funds within a fiscal year. This audit is designed to provide the federal government with assurance that the audited entity has complied with the appropriate regulations, grant agreements, and other federal requirements. The Single Audit involves a dual focus:
- Financial Statement Audit: Evaluates the accuracy and fairness of the organization's financial statements.
- Compliance Audit: Examines the organization's adherence to specific federal program requirements, including the proper use of funds.
At Dimov Audit, we understand the complexities involved in conducting a Single Audit and provide a thorough, compliant audit process that meets the highest standards.
Steps in the Single Audit Process
Understanding the steps involved in a Single Audit is essential for entities required to undergo this examination. Here is an overview of the comprehensive process carried out by Dimov Audit:
Planning and Risk Assessment
- We begin by understanding the entity’s federal funding sources and the specific requirements related to those funds.
- A risk assessment is conducted to identify areas of potential non-compliance or financial misstatement.
Financial Statement Audit
- Our team examines the organization’s financial statements to ensure they are accurate and comply with generally accepted accounting principles (GAAP).
- We assess whether the financial data presented fairly represents the organization’s financial position.
Compliance Testing
- We test for compliance with federal regulations and the terms of the grant agreements. This includes reviewing how federal funds have been used and whether they align with the stated objectives.
- Our auditors evaluate internal controls in place to prevent, detect, and correct non-compliance with federal regulations.
Reporting
- An audit report is prepared, detailing our findings on financial statements, internal controls, and compliance with federal requirements.
- A Schedule of Expenditures of Federal Awards (SEFA) is included, which provides a detailed list of all federal funds received and expended by the organization.
Review and Feedback
- Our team provides a draft of the audit report to the organization’s management for review.
- We discuss findings, answer questions, and provide guidance on any corrective actions required.
Final Reporting and Submission
- The final audit report, including any required Corrective Action Plans, is submitted to the federal oversight agency.
- At Dimov Audit, we ensure that all reports are filed accurately and on time, meeting all federal deadlines.
Services Provided for Single Audits by Dimov Audit
At Dimov Audit, we offer a range of services specifically tailored to meet the needs of organizations required to undergo a Single Audit. Our expertise in federal compliance and auditing standards ensures a thorough, efficient, and effective audit process. Our services include:
- Pre-Audit Consultation: We begin with a consultation or quick email dialogue to understand your Single Audit needs and discuss how we can best support your business.
- Comprehensive Audit Planning: Our team works closely with your organization to develop a detailed audit plan that aligns with the unique characteristics of your federal funding sources.
- Financial Statement Examination: We conduct a meticulous review of your financial statements to ensure they comply with GAAP and accurately reflect your financial status.
- Internal Control Evaluation: Dimov Audit assesses your internal control systems to identify weaknesses and recommend improvements to prevent non-compliance and ensure the appropriate use of federal funds.
- Compliance Testing: We perform detailed tests to verify that your organization adheres to all relevant federal regulations and grant agreements.
- Audit Reporting and Documentation: Our auditors prepare comprehensive reports that include findings on financial statements, internal controls, and compliance. We also assist with the preparation of the Schedule of Expenditures of Federal Awards (SEFA) and any necessary Corrective Action Plans.
- Follow-Up Services: After the audit, Dimov Audit provides follow-up services to address any identified deficiencies and assist with the implementation of corrective actions.
Our Offerings
Dimov Audit, is uniquely positioned to offer top-tier Single Audit services. Here are several reasons why organizations trust us:
- Expertise in Federal Compliance: Our team is well-versed in the latest federal regulations and guidelines established by the U.S. Office of Management and Budget (OMB) and adheres to Generally Accepted Government Auditing Standards (GAGAS).
- Experienced Auditors: With years of experience conducting Single Audits for various entities, our auditors have the knowledge and skills necessary to provide a thorough and accurate audit.
- Commitment to Quality: We are committed to delivering high-quality audit services that ensure compliance with federal regulations while maintaining efficiency and cost-effectiveness.
- Customized Approach: We understand that each organization has unique needs, and we tailor our audit approach accordingly to provide the most effective service.
Contact Dimov Audit for Your Single Audit Needs
If your organization is required to undergo a Single Audit or if you are seeking an audit firm that understands the complexities of federal funding requirements, contact Dimov Audit. Our experienced team is ready to assist you with every step of the Single Audit process, from initial consultation to final reporting.
By choosing Dimov Audit for your Single Audit needs, you are ensuring that your organization remains compliant with federal regulations and demonstrates accountability in managing federal funds. Contact us today to learn more about our specialized services and how we can help your organization achieve its compliance goals.
