Preparing For Your Not-For-Profit’s First Single Audit By Corey Arvizu, CPA Early preparation and an awareness of the additional requirements is key to ensuring your first single audit is successful. Many not-for-profit organizations have received new or additional federal funding in response to the pandemic. In some situations, these funds were received as part of federal programs designed specifically to respond to the pandemic, such as the Coronavirus Relief Fund. In other situations, the additional funds may have been imbedded in existing federal funding sources the organization has historically received. Along with this additional funding, not-for-profit organizations are finding themselves subject to the additional audit requirements of the single audit for the very first time. If your organization expended more than $750,000 of federal funds in a fiscal year, you will need a single audit. A single audit significantly changes the type of audit procedures that are performed in comparison to those of a financial statement audit. Early preparation and an awareness of the additional requirements is key to ensuring your first single audit is successful.
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AZ CPA MAY/JUNE 2022
