Single Audit is a required audit and completed annually for all LEAs and entities that expend $750,000 or more in federal funds. Entities hire an independent Certified Public Accountant (CPA) to examine financial records, financial statements, federal award transactions and expenditures, management of operations, internal control systems and federal assistance it received during the audit period. The objective is to ensure funds were spent in accordance with the federal guidelines. The Single Audit must be completed within nine months after the close of the fiscal year and be submitted within those nine months or 30-days after the receipt of the Single Audit by the independent CPA, whichever is first.
