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.

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

• If a Single Audit is required, the Subrecipient will submit a copy of the audit report to the granting Party within 9 months.

• The Subrecipient will complete the Subrecipient Annual Report annually within 45 days after its fiscal year end, informing the State of Vermont whether or not a Single Audit is required for the prior fiscal year.

• HHS Single Audit Unit will notify Grantee to complete the Single Audit Determination Form.

• If Grantee, within Xxxxxxx’s fiscal year, expends at least SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000) in state funds awarded, Grantee shall have a single audit or program-specific audit in accordance with UGMS, State of Texas Single Audit Circular.

• In the case that this Agreement is a Grant that is funded in whole or in part by federal funds, the Subrecipient will complete the Subrecipient Annual Report annually within 45 days after its fiscal year end, informing the State of Vermont whether or not a Single Audit is required for the prior fiscal year.

More Definitions of Single Audit

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 a financial and compliance audit as defined in the federal Single Audit Act of 1996, as amended, in section 7502(d), chapter 75, title 31 of the United States Code, of a nonfederal entity that includes the entity’s financial statements and federal awards. Each single audit conducted for any fiscal year shall cover the operations of the entire nonfederal entity; or at the option of the nonfederal entity, the audit shall include a series of audits that cover departments, agencies, and other organizational units that expend or otherwise administer federal awards during the fiscal year being audited except that each such audit shall encompass the financial statements and schedule of expenditures of federal awards for each department, agency, and organizational unit, which shall be considered to be a nonfederal entity.

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

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 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.