Audit of Financial Statements Under Uniform Guidance

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Audit for Financial Statement under Uniform Guidance

The Single Audit Act of 1984 (with amendment in 1996) and the Uniform Guidance provide audit requirements for ensuring that these funds are expended properly.

An audit for financial statements under Uniform Guidance ensures compliance with federal grant regulations for entities receiving federal funds. This process focuses on verifying proper use of funds, adherence to federal requirements, and accurate financial reporting, enhancing accountability and transparency for grant recipients.

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    Auditing Services for Single Audit - The Uniform Guidance

    Audit of Financial Statements Under Uniform Guidance

    Information Systems Audit

    An IT audit report detailing system vulnerabilities and recommendations for strengthening IT controls.

    Audit of Financial Statements Under Uniform Guidance

    Risk Assessment and Management Audit

    A risk assessment report with a comprehensive analysis of risks and suggested risk management improvements.

    Audit of Financial Statements Under Uniform Guidance

    Compliance Audit

    A compliance report highlighting areas of non-compliance and recommendations for corrective actions.

    Audit of Financial Statements Under Uniform Guidance

    Internal Control Audit

    A report on the adequacy and effectiveness of internal controls, with suggestions for enhancements.

    Audit of Financial Statements Under Uniform Guidance

    Financial Statement Audit

    An audit report expressing an opinion on whether the financial statements are free from material misstatement.

    Audit of Financial Statements Under Uniform Guidance

    Single Purpose Audit

    A specialized audit report addressing the particular needs and concerns of stakeholders.

    Audit of Financial Statements Under Uniform Guidance

    Forensic Audit

    A forensic audit report with findings, evidence, and recommendations for legal action or remediation.

    Audit of Financial Statements Under Uniform Guidance

    Operational Audit

    A report with findings and recommendations to improve operational efficiency and effectiveness.

    Advantages of Audit for Financial Statement under Uniform guidance


    Ensures adherence to federal regulations governing grant funds.

    Enhances the accuracy and transparency of financial reporting.

    Strengthens internal controls, minimizing the risk of errors or fraud.

    Supports effective management of grant funds, ensuring proper utilization.

    Promotes accountability and good governance practices within organizations.

    Identifies and mitigates financial risks, safeguarding organizational assets.

    Builds confidence among stakeholders, including donors, government agencies, and the public.

    Provides valuable insights for improving operational efficiency and effectiveness.

    Identifies areas for improvement and facilitates corrective actions.

    Provides reliable financial information to support strategic decision-making processes.

    Benefits of Audit for Financial Statement under Uniform guidance

    Outsourced Uniform guidance Auditing Services

    Trust our experienced auditing professionals to ensure accurate financial management and adherence to regulatory standards.

    Seamlessly tailor our auditing services to your changing needs, guaranteeing ongoing growth and adaptability under Uniform Guidance.


    Audit For Financial Statement under Uniform Guidance

    An audit under Uniform Guidance aims to ensure compliance with federal regulations governing grants and agreements, enhancing the transparency and integrity of financial reporting for organizations receiving federal funds.

    Organizations that receive federal grants or awards exceeding a certain threshold are typically required to undergo an audit under Uniform Guidance. This includes state and local governments, nonprofit organizations, institutions of higher education, and tribal entities.

    An audit under Uniform Guidance typically includes assessing internal controls, testing compliance with federal regulations, examining financial statements, and issuing a report detailing findings and recommendations.

    An audit under Uniform Guidance focuses specifically on compliance with federal regulations governing grants and agreements. It requires auditors to assess internal controls related to grant management and to test compliance with specific requirements outlined in the Uniform Guidance.

    Non-compliance with Uniform Guidance requirements can have serious consequences, including potential loss of funding, reputational damage, and legal implications. Organizations found to be non-compliant may be required to repay grant funds or face sanctions from federal agencies.

    Common issues identified in audits under US GAAP include revenue recognition errors, misstatements in financial disclosures, inadequate internal controls, inventory mismanagement, and improper valuation of assets and liabilities. Auditors provide recommendations to address these issues.

    Auditors play a crucial role in the audit process under Uniform Guidance by independently assessing an organization's compliance with federal regulations, evaluating the effectiveness of internal controls, and providing recommendations for improvement.

     The duration of an audit under Uniform Guidance can vary depending on factors such as the size and complexity of the organization, the scope of the audit, and the availability of documentation. However, audits generally take several weeks to several months to complete.

    Single Audit - The Uniform Guidance


    Improves financial management of state & local governments receiving federal financial assistance. The uniform guidance single audit concept helps promote fundamental financial management improvements & strengthen accountability in entities receiving federal assistance.


    Uniform Audit

    Establishes uniform audit requirements for state and local governments. The single audit Act requires that auditors apply both generally accepted auditing standards and government auditing standards.



    To the extent practicable, it ensures federal departments and agencies rely upon and use audit work done pursuant to the Act. The single audit was designed to reduce the duplication of audit efforts in relation to multiple federal grants to single entities.

    Effective Resources

    Promote the efficient and effective use of audit resources. The auditor is able to simultaneously test internal control over financial reporting, internal control over compliance, and compliance requirements.

    Management and Auditors Primary Responsibilities

    Management is required to account for Federal funds received and expended by individual award. This information is usually provided in grant award documents.
    OMB Circular A-133 requires that Federal administrative rules be followed in procuring audit services, which can be found on OMB's website. Factors to consider in evaluating proposals for audit services include responsiveness to the request for proposal, availability of staff with professional qualifications and relevant experience, results of quality reviews and price.
    Collection Form (form SF-SAC) to the Federal Audit Clearinghouse (FAC) and pass-through entities The reporting package includes entity’s financial statements and SEFA, the auditor's reports, including a schedule of findings and questioned costs, and, if applicable, management’s corrective action plan and a summary schedule of prior audit findings. Entity’s management and its auditor jointly prepare form SF-SAC. It is entity’s management’s responsibility to submit the SF-SAC together with the appropriate number (per the SF-SAC instructions) of reporting packages to the FAC within 30 days of the receipt of the auditor's reports, but no later than 9 months after the end of your fiscal year. The FAC distributes the reporting package to Federal agencies and maintains an archival copy. Information from the form SF-SAC is captured by the FAC in an electronic database, which is publicly accessible via its website.
    Entity’s management is required to prepare a corrective action plan that addresses each audit finding. The affected Federal awarding agency(ies) or pass-through entity(ies) should contact the entity on the acceptability of its plan or alternative actions it expects management to take. Entity’s management is responsible for taking those actions.
    OMB Circular A-133 sets forth the minimum content requirements for the SEFA.

    Why Choose Us to conduct Single Audit?

    Our audit team members are well qualified and experienced in conducting OMB Circular A-133 audits. Our integrated risk based approach allows us to perform financial statements and OMB Circular A-133 audits simultaneously, taking leverage of audit procedures performed in a financial statements audit and to avoid duplication of effort. We commit to complete the audit procedures, prepare the A-133 reports, assist our clients to complete Form SF-FAC and submit the reports with the Federal Clearinghouse by the submission due dates.The single audit can also be conducted in conjunction with audits of grants subject to state and local laws and regulations. Such audits are conducted to obtain complete and accurate information in relation to the grant agreements and relevant compliance requirements.

    More About OMB Circular A-133

    All non-Federal entities that expend $750,000 or more of Federal awards in a year are required to obtain an annual audit in accordance with the Single Audit Act Amendments of 1996, OMB Circular A-133, the OMB Circular Compliance Supplement and Government Auditing Standards. A single audit is intended to provide a cost-effective audit for non-Federal entities in that one audit is conducted in lieu of multiple audits of individual programs.The OMB A-133 Compliance Supplement is a large and extensive United States federal government guide created by the Office of Management and Budget (OMB) and used in auditing federal assistance and federal grant programs, as well as their respective recipients. It is considered to be the most important tool of an auditor for a Single Audit.

    New OMB Guidance & Grant Reforms

    In late December 2013, the Office of Management and Budget (“OMB”) issued long-awaited grant reforms in a document titled Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Audit.This reform of OMB guidance is an attempt to reduce the administrative burden for non-federal entities receiving a portion of the $600 billion in federal grants that are awarded annually, while reducing the risk of waste, fraud, and abuse. It applies to institutions of higher education, nonprofits, state/local governments, Indian tribes, and certain for-profit and foreign entities. These revisions are clearly the most significant change to occur in relation to federal grants management in recent history. Entities receiving federal funding will need to carefully digest these changes.The new rules combine eight previously separate sets of OMB regulations into one streamlined, comprehensive policy. This consolidated document is aimed at eliminating duplicative or almost duplicative language in order to clarify where policy is substantively different across types of entities, and where it is not. As a result, the guidance includes sections and parts of sections which are clearly delineated by the type of non-federal entity to which they apply. This final guidance is located in Title 2 of the Code of Federal Regulations.This guidance supersedes requirements from various prior OMB Circulars and provides reforms in three main areas:
    Reform Area​Guidance Previously Located in
    Administrative RequirementsCirculars A-102 (the Common Rule), Circular A-110 and Circular A-89
    Cost PrinciplesCirculars A-21, A-87 and A-122
    Audit RequirementsCirculars A-133 and A-50
     These regulations became effective for new awards and/or new funding increments made on or after Dec. 26, 2014, exactly one year after the publication date of these reforms. However, standards set forth related to the audit requirements will be effective for audits of fiscal years beginning ON or AFTER Jan. 1, 2015; i.e., the first single audits affected by this rule will be for the year ending Dec. 31, 2015.
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