The single audit process, formalized in the Single Audit Act of 1984, and amended in the Single Audit Act Amendments of 1996 (collectively referred to as the Single Audit Act), is an important means by which the Congress, federal oversight officials, and program managers obtain information on whether the recipients of federal financial assistance properly account for the federal funds they receive, maintain adequate internal controls over those funds, and comply with federal program requirements. The Single Audit Act requires the State, as a non-federal entity that expends federal awards of $750,000 or more in a fiscal year, to have a single audit. Furthermore, the State must submit the single audit reporting package to the designated
Federal Audit Clearinghouse,
and make it available for public inspection, by March 31 (9 months after the end of the period audited).
Pursuant to the Single Audit Act, the Office of Management and Budget (OMB) issues the Uniform Grant Guidance (Code of Federal Regulations, title 2, subtitle A, chapter II, part 200) and sets forth standards for obtaining consistency and uniformity among federal agencies for the audits of states, local governments, and non-profit organizations expending federal awards.
The Department of Finance (Finance), consistent with its responsibility for supervising the State's financial and business policies, is responsible for federal audit coordination. Finance assigns the Office of State Audits and Evaluations (OSAE) to perform the necessary steps to carry out the State's responsibilities in accordance with the federal act.
For more information, please visit the Department of Finance's Single Audit Website.