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PENNSYLVANIA STATE SYSTEM OF HIGHER EDUCATION COMMONWEALTH OF PENNSYLVANIASINGLE AUDIT REPORTING PACKAGE YEAR ENDED JUNE 30, 2020SECTION I Financial Statements for the Year Ended June 30, 2020SECTION
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01
Gather all financial records and documentation required for the audit.
02
Understand the specific requirements and guidelines set by the state audit office.
03
Complete the state-level single audit questionnaire detailing the agency's financial activities.
04
Ensure compliance with the applicable federal regulations and standards.
05
Prepare a schedule of expenditures of federal awards.
06
Review and address any internal controls that may need improvement.
07
Submit the completed audit documentation to the state-level single audit office by the deadline.

Who needs state-level single auditoffice of?

01
State agencies receiving federal funds.
02
Non-profit organizations that receive state or federal grants.
03
Local governments managing federal programs.
04
Higher education institutions that administer federal financial aid.
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The state-level single audit office is responsible for overseeing and conducting audits of state agencies and their compliance with federal regulations and state laws regarding the use of funds.
Organizations that receive federal funding or pass-through funds from state agencies are required to file a state-level single audit.
To fill out the state-level single audit, organizations must complete the necessary audit forms, provide financial statements, and ensure compliance with applicable auditing standards. Detailed instructions are usually provided by the state audit office.
The purpose of the state-level single audit office is to ensure accountability and transparency in the use of federal and state funds, as well as to assess the effectiveness of financial management practices.
The audit report must include financial statements, compliance with laws and regulations, findings of the audit, and any recommendations for improvements.
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