There are some reporting changes for entities who spend $750,000 or more of federal awards in their fiscal year.
Expending $750,000 or more of federal awards during a fiscal year triggers a single audit requirement. Uniform Guidance is the current regulation that is referenced during a single audit. The single audit is required by federal agencies to determine if entities are in compliance with the requirements of the federal program.
Entities are required to submit reporting packages as part of the audit submission process. Submissions are due to the Federal Audit Clearinghouse (FAC) by the specific due date. The reporting package includes the auditor’s report on compliance and internal control over compliance for major program, the auditor’s schedule of findings and questioned costs, the entity’s summary of schedule of prior audit findings (if applicable) and the entity’s corrective action plan (if applicable). In addition to the reporting package, the data collection form (DCF) is required to be completed and submitted to the FAC. Inputs to the DCF include a summary of the single audit reporting schedule of expenditures of federal awards (SEFA) information, references to findings (if applicable), relevant compliance requirements and electronic signatures of both the auditee and auditor.
Submission Changes
The provider of the FAC has changed as of October 1, 2023. Single audit submissions will be transitioned from the Census FAC to the U.S. Government Service Administration (GSA) FAC. Entities can access this new site at https://www.fac.gov/. The site is now open for all single audits with fiscal periods ending in 2023. Audits completed for fiscal years ended between January 1, 2023 and September 30, 2023 were not able to be submitted to the GSA until October 1, 2023. The submissions to the FAC 30 days after receipt of the auditor’s report was waived for these audits. As noted in the 2023 Compliance Supplement, these audits will be considered to be on time if they are submitted within nine months after their fiscal period end date.
2022 and Earlier Submissions
Any audit submissions for fiscal years 2022 and earlier are now closed on the census FAC site. Currently, the new GSA FAC site is only accepting 2023 submissions and is not able to accept prior fiscal years submissions until later in the year.
Stay turned for further updates on the FAC submissions as Schneider Downs closely monitors key updates.
Resources
https://www.whitehouse.gov/omb/office-federal-financial-management/
About Schneider Downs Audit and Assurance Services
Schneider Downs’ engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.
To learn more, visit our dedicated Audit and Assurance page.
