Single Audit definition

Single Audit means an audit that includes an examination of an organization's financial statements, internal controls, and compliance with the requirements of Federal or State awards.

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Single Audit. ’ means an audit, as de- scribed under section 7502(d), of a non-Federal entity that includes the entity’s financial statements and Federal awards;

Single Audit means the audit designed to meet the needs of all federal grantor agencies and performed in accordance with the Single Audit Act of 1984 (as amended in 1996) and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. The Single Audit Act of 1984 (and as amended) is federal legislation that provides for state and local government recipients of federal financial awards to have one audit performed to meet the needs of all federal grantor agencies.

Examples of Single Audit in a sentence

• CONTRACTOR agrees to provide a copy of the Single Audit report and/or other types of required audit reports, within the earlier of 30 days after receipt of the report or nine months after the end of the audit period, whichever occurs first, or unless a longer period is agreed to in advance by the COUNTY with approval from the cognizant or oversight agency.

• Furthermore, the Recipient is considered to be the end-user beneficiary of SLFRF funds, and as such is not subject to audit pursuant to the Single Audit Act and 2 C.F.R. Part 200 Subpart F as a subrecipient of SLFRF funds, nor is this contract for services considered to be a subaward of SLFRF funds.

• For each year in which the Governmental Agency requests a disbursement from the Project Loan Subaccount, the Governmental Agency shall conduct its annual audit in accordance with the federal Single Audit Act, 31 U.S.C. 7501 et seq.

• All non-Federal entities, including ODOT’s LPA sub-recipients, that have aggregate Federal awards expenditures from all sources of $750,000 or more in the non-Federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200.

• Furthermore, the Recipient is considered to be the end-user beneficiary of opioid funds, and as such is not subject to audit pursuant to the Single Audit Act and 2 C.F.R. Part 200 Subpart F as a subrecipient of opioid funds, nor is this contract for services considered to be a subaward of opioid funds.

More Definitions of Single Audit

Single Audit. Single Audit means an audit that includes both the entity’s financial statements and the Federal awards requirements as described in the OMB Circular A-133. A State single audit means an audit of a non-state entity’s financial statements and state awards. A Single Audit also includes a report on Internal Controls and a report on Program Compliance.

Single Audit means an audit that includes both the entity's financial statements and the federal awards as described in 2 C.F.R. part 200 for entities which expend seven hundred fifty thousand dollars or more during the entity's fiscal year in federal awards or subawards.

Single Audit means an audit, as provided in section 4-235, as amended by this act, that encompasses an entity's financial statements and state financial assistance.

Single Audit means an audit that includes an examination of an organization's financial

Single Audit means financial, internal control and compliance audits of a non-federal entity administering federal assistance awards including the financial statements of the entity as required by 2 CFR Part 200.501 as well as applicable FEMA and state policies and guides.

Single Audit means the same as that term is defined in 31 U.S.C. Sec. 7501.

Single Audit. ’ means an audit that includes both the entity’s financial statements and the funds awarded by the department and expended during the entity’s fiscal year.