Thousands of organizations are having to undergo a single audit for the first time due to historic amounts of federal funding provided in response to the COVID-19 pandemic and through other legislation. This has resulted in a great need for the performance of single audits. Only CPAs with the appropriate single audit experience should take on one of these audits. This GAQC checklist tool is intended to help auditors new to single audits, as well as auditors with more experience, prepare for the audit by providing tips for important aspects of conducting a single audit. Among the topics included are:
The importance of the engagement acceptance process;
Auditor independence considerations;
Major program pointers; and
Reporting reminders.