Non-Federal entities that expend Federal funds of $500,000 or more in a year shall have a single or program specific audit conducted for the year, in accordance with OMB-Circular A-133.
The OMB-Circular A-133 Single Audit deadline is nine months after your year end. Nine months is little time for maintaining internal controls to assure grant compliance in accordance with laws, regulations and grant provisions, maintaining an accurate and effective chart of accounts, identifying expenditures for the schedule of expenditures of federal awards (SEFA) and preparing the SEFA statement, preparing the summary of prior year audit findings, preparing financial statements, footnote disclosure and management discussion and analysis, and preparing a corrective action plan and submitting to the Single Audit Clearinghouse.
Exceeding the 9 month submission requirement can result in sanctions of withholding or disallowing overhead costs, suspending federal awards until the audit is conducted, or terminating the federal award completely.
Kenton Keckler & Company, PC has provided single, yellow book, and other auditing services for an array tribal organizational types including:
- Tribal Governments
- Tribal Housing Authorities
- Tribal Colleges
- Tribal Economic Development Entities
- Tribal Casinos
- Other Governmental Component Units
We are available to assist you with your single, yellow book or other auditing needs.
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