Compliance Tools and Resources
The tools used in Single Audits are important to ensure that stakeholders are knowledgeable of Federal audit requirements and are using the Single Audit information to make decisions that uphold and enhance the integrity and effectiveness of management of Federal program funds. To help streamline the audit process, improve Single Audit quality, and facilitate the use of Single Audit information to improve program integrity, HHS-OIG is providing this one-stop-shop location for stakeholders to access reliable Single Audit information and resources, thus promoting uniformity, improving consistency, and enhancing compliance throughout the Single Audit process.
The use of Single Audit guidance tools is essential for auditors and stakeholders involved in the Single Audit process because these tools provide a structural framework and standardized procedures for auditing non-Federal entities that receive Federal financial assistance.
Financial statement analysis is the process of reviewing and analyzing an entity’s financial statements for decision-making purposes. HHS-OIG and stakeholders in the Single Audit process use financial statement analysis to understand the overall health of the entity and to evaluate its financial performance and ability to provide proper stewardship over HHS programs.
Auditing Standards and Requirements
Professional auditing standards and applicable legal regulatory requirements are critical for Single Audits in that they establish a framework for consistent and high-quality audits of entities receiving Federal financial assistance. Single Audits are conducted in accordance with Generally Accepted Auditing Standards (GAAS), Generally Accepted Government Auditing Standards (GAGAS) issued by the Comptroller General of the United States, and the requirements of Title 2 Code of Federal Regulations (CFR) Part 200 (2 CFR Part 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Full text and copies of the current auditing standards and requirements can be obtained here:
- GAAS: (Accessible only to members of the AICPA & CIMA) AICPA SASs
- GAGAS: Yellow Book
- Uniform Guidance: eCFR :: 2 CFR Part 200 -- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards