Video: Single Audits

In this lesson, Nick Palazzolo, CPA, focuses on single audits. He starts by defining what a single audit is and explains the situations that would require a non-federal government entity to have one. Next, he highlights the differences between single audits from normal financial statement audits. He also discusses some procedures that auditors must follow in conducting a single audit, including understanding internal controls in relation to compliance. Furthermore, Nick explains the risk-based approach in determining major programs to audit and highlights that there is no one-size-fits-all approach. Finally, he talks about the results of a single audit, which include various reports and, in case of detected fraud in spending, the agency that provided the grant being the first to be informed.