Single audit readiness: preparing for your post-pandemic federal compliance audit

Baker Tilly’s public sector accounting and auditing specialists recently hosted a two-part webinar series to help governmental entities prepare for post-COVID-19 single audit compliance. 

The federal government has allocated billions of dollars in COVID-19 relief funding for state and local governments, tribal governments, school districts and other public sector entities. Between funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the $350 billion for governments, tribes and schools through the American Rescue Plan Act of 2021 (ARP), your organization may be subject to a federal compliance audit, also known as a single audit. A single audit is required when a non-federal entity expends $750,000 or more in federal grant funds in a fiscal year.

Many public sector entities that have not filed a single audit in the past will be required to comply with the requirements due to receiving federal relief funding. This webinar was presented for entities that have not previously filed a federal single audit.

Key takeaways from Part I

After viewing this on-demand webinar, participants will be able to: 

• Describe CARES Act and ARP funding streams, amounts, eligible expenditures, challenges and opportunities from a single audit perspective  
• Identify the key components and requirements of a single audit, including federal awards, major programs, documentation, reporting and communication  
• Demonstrate the proper internal controls are in place across your organization 
• Take a proactive, risk-based approach to preparing for single audit compliance

This year’s single audit will require additional reporting to comply with the COVID-19-related requirements associated with receiving federal relief funding. The Part II webinar was presented for entities that have had single audits in the past, thus focusing on ARP and CARES Act compliance considerations.

Key takeaways from Part II:

After viewing this webinar, participants will be able to: 

• Describe CARES Act and ARP funding streams, amounts, eligible expenditures, challenges and opportunities from a single audit perspective  
• Identify the key components and requirements of a single audit, highlighting the changes and new reporting requirements related to COVID-19 
• Demonstrate the proper internal controls are in place across your organization 
• Take a proactive, risk-based approach to preparing for post-pandemic single audit compliance  

Who should watch these webinars?

These webinars are intended for individuals who work for state and local governments, tribal governments, public sector organizations, municipal utilities, not-for-profit organizations, higher education institutions and healthcare entities who are:  

• Responsible for accounting and compliance  (finance directors, treasurers, comptrollers) 
• Users of governmental financial statements (management as well as members of governing bodies including board members and other elected officials) 
• Financial statements preparers (finance office staff) 

Presenters and single audit specialists

• Amanda Blomberg, CPA, Firm Director, Baker Tilly 
• Sheanne  Hediger, CPA, Manager, Baker Tilly 

For more information, or to learn more about how Baker Tilly’s governmental accounting and auditing specialists can help, contact our team.