Yellow Book Audits / Single AuditsPlodzik and Sanderson, Professional Association, has substantial experience in performing compliance audits pursuant to Yellow Book standards, including Single Audits prescribed by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). This includes audits for towns, cities, school districts, school administrative units, village districts, and precincts. Our staff is trained in Yellow Book requirements and each member meets the Continuing Professional Education standards as outlined in the Government Auditing Standards.
The two objectives of a Single Audit are: 1. To render an opinion on the entity's financial statements and the reporting on the schedule of expenditures of federal awards in relation to those financial statements, and 2. A to perform a compliance audit of federal awards expended during the fiscal year. The financial statement audit is performed in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards issued by the Comptroller General of the United States. The audit results in the auditor reporting on the entity's financial statements as well as any deficiencies in internal controls over financial reporting that were identified during testing. Tests are also performed on the entity's compliance with certain provisions of laws, regulations, contracts, and grant agreements, where noncompliance with these provisions could have a direct and material effect on the determination of the financial statement amounts and any instances of noncompliance or other matters are reported as required under Government Auditing Standards. Under the Uniform Guidance, the auditor is also required to report on the entity's compliance with the types of compliance requirements described in the Compliance Supplement that could have a direct and material effect on each of the entity's major federal programs. In addition, any deficiencies in internal control over compliance are to be reported as well as any instances of noncompliance, which are required to be reported. We value our clients and encourage them to contact us with any Single Audit questions they may have throughout the year, not just at the time of the annual audit. We also want to let you know that we are staying up to date on the latest federal grant reform changes through continuing professional education, webinars, and reviewing documents and guidance prepared by the Council on Financial Assistance Reform. |