Performing Single Audits has always been an involved and complex process that requires judgment as well as risk-based considerations by auditors. However due to the increased spending by the Federal government through the American Recovery and Reinvestment Act (ARRA), Single Audits are receiving unprecedented scrutiny, increased complexity, and more frequent changes. Many award recipients will now have even more award programs subject to Single Audit requirements, and many others will become subject to the Single Audit requirements for the first time.
PPC’s SMART Practice Aids – Single Audit is a comprehensive technology application that walks you and your staff through the entire Single Audit process providing a practical, automated, how-to process covering:
- Accumulating all Federal Awards, including ARRA awards
- Determining whether a program specific audit may be elected or whether a Single Audit is required
- Determining which award programs must be tested as Major programs
- Determining whether the auditee qualifies as a “Low-risk auditee”
- Customizing audit programs and signing off electronically
- Combining audit programs for multiple Federal Awards
- Preparing the Schedule of Expenditure of Federal Awards
This exciting new tool will first walk you through the process of entering all Federal awards, determining whether a Single Audit is required, and if so, performing a risk assessment process in determining which award programs qualify as "major programs" that require specific testing during the Single Audit.
It will then lead you through a process of accumulating and creating compliance audit programs for each major program/cluster. The programs will then be tailored and customized as needed based on your judgment and the client's circumstances, and then generated in PPC’s Practice Aids format to be completed to document the work as it is performed.
In addition, you will have full SMART Practice Aids functionality on your Single Audits, including automated roll forward of your Single Audit information from year-to-year, extensive diagnostics, and transfer/receive capabilities, all of which will save you significant time and make your Single Audit work more profitable. Smart Single Audit’s “check for updates” feature also helps you be sure you are working with the most current Compliance Supplement data and are aware of the latest rules and requirements.