Ahead of the Single Audit, ensure you have detailed documentation, policies and procedures related to the federal awards you received—but it doesn’t stop there. Confirm you have captured all supporting documentation for all payments, procurements, contracts and grants, as well astraveland any other commitments that your organization has.
Ultimately, the auditor executing your Single Audit can only tell your story using the materials and documentation available, so the onus is on your organization to create and maintain this documentation of everything ranging from procurement to salaries. All costs need to be reasonable, allowable and allocable, as defined by the Uniform Guidance.
Additionally, in many instances,the Uniform Guidance allows an organization to follow its own organizational policies for certain items. Sometimes those policies may be more restrictive than the Uniform Guidance. If that is the case, keep in mind that the auditors will audit your organization against these more restrictive policies. You’ll also need to ensure you have updated and accurate financial statements, receipts, your Catalog of Federal Domestic Assistance (CFDA) number and a grantor number (if needed).
Having all your relevant documents organized and accessible will help set your Single Audit up for success and make the process as streamlined as possible.