The Single Audit Act of 1984—Public Law No. 98-502 and its Amendments of 1996—Public Law No. 104-156, established a standardized and uniform audit process for non-Federal entities that receive and expend Federal funds to administer various Government programs and initiatives. The type of audit created by the Single Audit Act is commonly referred to as a Single Audit.
The provisions of the Single Audit Act were codified by the Office of Management and Budget (OMB) in the Uniform Guidance, Subpart F—Audit Requirements. The Department of Health and Human Services (HHS) implemented the Uniform Guidance in Title 45 CFR Part 75, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for HHS Awards.
A Single Audit is an audit of a non-Federal entity’s financial statements and expenditures on Federal awards. Single Audits are conducted in accordance with the Generally Accepted Auditing Standards (GAAS) issued by the Comptroller General of the United States and the requirements of the Uniform Guidance.
If your agency expends over $750,000 in Federal Funds within one fiscal year. You are required to complete Single Audit.