Single Audits
Ensuring Compliance and Accountabilityfor Nonprofit Organizations
Nonprofit organizations that expend $750,000 or more in federal funds within a fiscal year are required to undergo a Single Audit, as mandated by the Uniform Guidance (2 CFR Part 200, Subpart F). This comprehensive audit assesses both financial statements and compliance with federal program requirements, ensuring that federal funds are managed responsibly and in accordance with applicable regulations.
Our Comprehensive Audit ApproachFor Nonprofit Organizations
We employ a meticulous, risk-based methodology to deliver thorough and insightful Single Audits:
Pre-Audit Planning & Risk Assessment
- Understanding Your Organization: We begin by gaining a comprehensive understanding of your nonprofit's mission, programs, and funding sources.
- Risk Evaluation: Identify areas of potential risk and non-compliance to tailor our audit procedures effectively.
Financial Statement Audit
- Examination of Financial Records: Assess the accuracy and completeness of financial statements, ensuring they present a true and fair view of your organization's financial position.
- Internal Controls Review: Evaluate the effectiveness of internal controls over financial reporting and federal award compliance.
Compliance Testing
- Federal Program Compliance: Test transactions and processes to ensure compliance with specific federal program requirements.
- Documentation Verification: Review supporting documentation to confirm that expenditures are allowable, allocable, and reasonable under federal guidelines.
Reporting & Recommendations
- Audit Report Preparation: Provide a detailed audit report outlining findings, including any instances of non-compliance or internal control deficiencies.
- Management Recommendations: Offer practical recommendations to address identified issues and strengthen compliance and financial practices.
Why Choose NCheng LLP for Your Single Audit?
- Nonprofit Specialization: Our exclusive focus on nonprofits ensures we understand the unique challenges and regulatory landscape you navigate.
- Experienced Professionals: Our team brings extensive experience in conducting Single Audits, providing you with confidence in our audit process and findings.
- Tailored Solutions: We customize our audit approach to align with your organization's specific programs and funding structures.
- Commitment to Excellence: We are dedicated to delivering high-quality audit services that enhance your organization's accountability and transparency.
Ensure Complianceand Build Stakeholder Trust
Engaging in a Single Audit with NCheng LLP not only fulfills regulatory requirements but also reinforces your commitment to financial stewardship and transparency. This process builds trust with donors, grantors, and the communities you serve.
Contact us today to discuss how our Single Audit Services can support your nonprofit’s compliance and accountability objectives.
A Legacy of Excellence
We have been a trusted source for financial guidance for more than 35 years.
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