Single Audit
The annual organization-wide audit required of entities that spend $1,000,000 or more in federal awards a year.
A non-federal entity that expends at or above the threshold in federal funds in its fiscal year must have a Single Audit (formerly the A-133 audit), an audit of both its financial statements and its federal award compliance. The 2024 Uniform Guidance raised the threshold from $750,000 to $1,000,000.
Findings are reported in the Federal Audit Clearinghouse, and unresolved findings can affect an institution's risk rating and future funding.
Single Audit findings follow an institution across all its awards and can raise oversight on everything it manages.
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