Grants 101: What is a Single Audit?

Grants 101: What is a Single Audit?

A single audit is a audit of federal funds for that particular calendar year.  An agency that would have received or have federal funds on hand must account for them.  There has to be reconciliation between what was received, what was spent and what remains in the account.

This is not a Project Audit, although if all activity is completed in the calendar year it potentially could become a project audit.

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