523 - Audits

Although audits are generally associated with post-award processes, applicants should understand that audits of some kind will occur post-award, and these audits are based upon information collections and data analytics. The audits can involve program as well as financial processes. Nonfederal entities that expend at least $1 million (the single audit threshold under the uniform guidance for awardees with audit fiscal years beginning Oct. 1, 2024) annually in federal funds must complete a single audit annually (§200.501(a)). Federal agencies and pass-through entities use prior single audit reports as a valuable tool to review and assess their applicants and recipients. The… Read More