Sassetti LLC
Extensive experience performing General Accepted Government Auditing Standards (GAGAS) and Single Audits. Our team is highly skilled in navigating the complex regulatory landscape of government audits, and we’re committed to providing our clients with the highest quality service and support.
If you spent over $750,000 in federal funds and in your fiscal year
Whether or not you need to complete a Single Audit depends on the requirements established by the Federal agency. The financial assistance listings available below can assist in making this decision.
As such, if you received any federal assistance this year, you should get a professional opinion to determine whether or not you are subject to a Single Audit.
Please note that even if you are not subject to a Single Audit, if your entity or organization received federal funding you are still required to comply with all of the federal compliance requirements and maintain relevant documentation. Your granting agency may request documentation or perform an internal review..
We work with a wide range of clients, including nonprofit organizations with 403(b) plans, medium sized businesses and other professional service entities with 401(k) plans as well as publicly-traded companies required to file an 11-K. Your plan will benefit from our extensive network of services groups, including administrators, attorneys and managers
The Department of Labor (DOL) continues to put employee benefit plans (EBP) under scrutiny. Employee benefit plan audits are subject to the Employee Retirement Income Security Act (ERISA), and compliance with these regulatory requirements has created a greater need for plan sponsors to stay current with their fiduciary responsibilities.
A strict and comprehensive financial statement and
federal awards audit which must be completed by
any entity or organization that expends $750,000
or more in federal funds in one year. The Single Audit,
typically performed annually, is intended to ensure an
organization is using its federal funds correctly and is
in compliance with all applicable compliance requirements
and regulations.
Also a compliance audit, but is slightly less in scope
than a Single Audit and is often required by the State
of Illinois Grant Accountability and Transparency Act
(GATA) for Organizations that receive more than
$500,000 in state or federal funding from the State of
Illinois. The Yellow Book (so named for the cover of the
physical book) can be found here:
For nonprofits, typically the Single Audit reporting package
must be submitted to the Federal Audit Clearinghouse (FAC)
utilizing the Data Collection Form (DCF) either within 30
calendar days after receiving the auditor’s report or nine
months after your fiscal year end, whichever comes first.
The Compliance Supplement provides the audit
requirements your auditors will follow as part of
the Single Audit. To get a “cheat sheet” of what to
expect, review the Supplement here:
As a result of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, Congress allocated hundred of billions of dollars or aid through various programs that may be subject to the Single Audit requirement. However, funds distributed through the Paycheck Protection Program (PPP) are not subject to Single Audit requirements, but do have their own compliance guidelines recipients must follow.
For-profit entities that received EIDL funds (Economic Injury Disaster Loans) are NOT required to have a single audit, however non-profit organizations that received these loans ARE subject to Single Audit requirements.
Sassetti is part of the Governmental Audit Quality Center of the AICPA. This designation means that the auditors at Sassetti performing your governmental audits have taken the necessary CPE and are qualified to perform your audit.
Our team members have spent a lot of time problem-solving for a variety of industries. Their expertise is unmatched and they are driven and excited about new challenges.
