01/10/2024

Preparing for Your Annual Single Audit

Know what steps to have in order

While there are many items to consider while preparing for an audit, one of the key details to nail down includes audit timing and completion to ensure timely submission. The audit reporting package is required to be submitted by the earlier of 30 calendar days after receipt of the report or nine months after year end so it is always important to be mindful of scheduling.

The Audit Process

One of the first steps in the single audit process is for your auditor to determine which federal funding program(s) will be tested. For your auditors to properly determine what federal programs are required to be tested, they will need a complete and accurate Schedule of Expenditures of Federal Awards (SEFA).

When making sure your SEFA is complete and accurate, consider doing the following:

• Reach out to funding sources to confirm funding is federal/non-federal. Often, funds passed through intermediaries such as state and local governments may be part federal but not expressly noted on the grant agreement.
• Identify the Assistance Listing Numbers (ALN) for each federal award and the program names (current program names can be found on Sam.gov).
• Reconcile reported federal expenditures to your financial/accounting records, grant reports and the related grant agreements.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).