Finding Text
Single Audit Process Criteria – Title 2, U.S. Code of Federal Regulations §200.501 states an entity that expends $750,000 or more during the non-Federal entity’s fiscal year in Federal awards, must have a single audit or program-specific audit conducted for that year in accordance with the provision in §200.501. Condition – The County expended in excess of $750,000 of federal awards for the yearended June 30, 2024. The County was not aware of the single audit requirement and did not contract to have a single audit for fiscal year 2024. Cause – The County’s management was aware of the federal awards being expended;however they were not aware of the requirements to have a single audit completed. Effect – The County’s internal control over compliance with federal audit requirements was inadequate. Recommendation – The County should establish a process to track the dollar amount of federal expenditures that were spent during the year and whether those expenditures give rise to additional audit requirements. This should be done and communicated with the auditors before audit work begins. Response and Corrective Action Planned – The County will develop a formal process for tracking all federal expenditures and take steps to learn when those expenditures trigger additional audit requirements. Conclusion – Response accepted.