04
May
Key insights
Nonfederal entities that have expended federal funds of $750,000 or more during the fiscal year are required to have a single audit performed on those funds.
If funds are not used in accordance with the intended purpose and within the laws and regulations of the federal agency, the federal government could require the funds to be paid back.
If your organization meets the threshold for a single audit, be aware of which documentation and support to prepare...