Single audit

A single audit is an examination of an organization that spends at least $750,000 of federal grants and awards per year. The audit is intended to provide assurance to the government that its funds are being expended appropriately. The audit is conducted by a certified public accountant, and the resulting compliance report is submitted to the Federal Audit Clearinghouse. Entities that typically undergo single audits are cities, states, nonprofit organizations, and universities. A single audit is also known as an OMB A-133 audit.