Single Audit Checklist

Under the Single Audit Act Amendments of 1996 and subpart F of the Office of Management and Budget’s (OMB) uniform guidance, nonfederal entities (i.e., colleges and universities, state and local governments, Indian tribes and nonprofits) are required to obtain a single audit or program-specific audit if they expend $1 million or more in federal awards in an entity’s fiscal year (§200.501). This threshold is an increase over the previous single audit threshold of $750,000, and applies to entities with fiscal years beginning on or after Oct. 1, 2024. Getting ready for such an audit can be a challenge, as there are numerous responsibilities that an entity being audited must address prior to audit, including arranging for an independent auditor to conduct the audit.