The COVID-19 pandemic has brought about many changes to the accounting world. One of those changes is the rising need for single audits. With an increase in governmental funding meant to offer relief during these trying times, many organizations are required to have a single audit performed for the first time. Any organization with expenditures over $750,000 in federal assistance is required to receive a single audit.
Not all governmental funding qualifies for the single audit like the Paycheck Protection Program; however, other programs like Economic Injury Disaster Loans, the Provider Relief Fund, and the Educational Stabilization Fund fall under the requirement.
To see if your organization is required to have a single audit, it is best to determine the type of funding you received and if you spent over $750,000 in total during the year. Reach out to your auditors or advisors for further assistance.