Get the free I SINGLE AUDIT October 15 2015 A OVERVIEW - comptroller nyc

I. SINGLE AUDIT I Yan Fun Phone: 212/6698020 Email: young comptroller.NYC.gov Fax: 212/8158685 Room 200 South Critical Date October 1, 2015, Distribution of FMS Accounting Report of Federal Awards

How to fill out i single audit october

How to fill out the Single Audit October:

1. Start by gathering all the necessary documentation and information related to your organization's financial activities and federal assistance programs.
2. Review the compliance requirements outlined in the Single Audit Act and the Uniform Guidance to ensure you understand the specific criteria that will be audited.
3. Familiarize yourself with the Single Audit Reporting Package and understand the format and contents required for each section.
4. Create an audit schedule that outlines the timeline for completing various tasks, such as conducting internal control testing, performing substantive testing, and preparing financial statements.
5. Identify the specific federal assistance programs that will be audited during the Single Audit October. This typically includes grants, contracts, and other financial assistance received from federal agencies.
6. Ensure that you have a clear understanding of the allowable and unallowable costs associated with each federal assistance program. Review the grant agreements and contracts to determine the specific terms and conditions governing the use of funds.
7. Perform fieldwork, including conducting interviews, examining supporting documentation, and testing internal controls to ensure compliance with the identified federal assistance programs.
8. Prepare financial statements, including the balance sheet, income statement, and statement of cash flows, following the Generally Accepted Accounting Principles (GAAP) and the requirements of the Single Audit Act.
9. Document and maintain proper records of all audit procedures, findings, and conclusions reached during the audit process.
10. Finally, submit the completed Single Audit report, including the findings and recommendations, to the appropriate federal agency within the specified deadline.

Who needs a Single Audit October?

1. Non-profit organizations and governmental agencies that expend $750,000 or more in federal assistance funds in a fiscal year are required to undergo a Single Audit.
2. Entities that administer federal assistance programs on behalf of federal agencies may also be subject to the Single Audit requirement.
3. The purpose of the Single Audit is to provide assurance to federal agencies and the general public that the funds provided by the government are being used in compliance with applicable laws and regulations.

For pdfFiller’s FAQs

What is i single audit october?

It is an annual audit required for organizations that receive federal funding.

Who is required to file i single audit october?

Nonprofit organizations and government entities that receive federal funding.

How to fill out i single audit october?

The audit should be completed by a qualified independent auditor following specific guidelines.

What is the purpose of i single audit october?

The purpose is to ensure compliance with federal guidelines and proper use of federal funds.

What information must be reported on i single audit october?

Financial statements, federal award expenditures, and compliance with federal regulations.

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