New York - The American Institute of CPAs has released an analysis of single audits and found several factors contribute to audit quality, indicating why some firms are having problems doing the audits. In a "single audit," an auditor examines the finances and compliance of organizations that expend $750,000 or more of federal assistance, which can come in the form of federal awards, grants, loans and loan guarantees. The goal of a single audit, which is usually performed annually, is to make sure recipients of federal funds, such as state and local governments, universities and nonprofits, are spending the funds appropriately. Typically, single audits are performed by CPAs.
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