What is a Single Audit?
Before the Single Audit Act, governments and non-profit agencies receiving federal assistance were subject to audits by every federal department or agency that provided them money. In addition, many were required to have an annual financial audit. The federal government passed the Single Audit Act to require that the annual financial audit include audits of federal assistance received and spent. This “single audit" takes care of the audit requirements for all federal departments and agencies and saves the government or nonprofit from having to have a series of audits.