What is a common requirement for Single Audits performed under federal guidelines?

The requirement that Single Audits be performed in accordance with GAGAS, which stands for Generally Accepted Government Auditing Standards, is of paramount importance. GAGAS establishes a framework for conducting audits of government entities and the programs they administer. This framework ensures that the audits provide a comprehensive and thorough examination of compliance with applicable laws and regulations, as well as the effectiveness of the controls in place.

Single Audits are specifically designed to assess both the financial statements of an entity that receives federal funding and its compliance with federal regulations. Thus, performing these audits in accordance with GAGAS is essential to ensuring the integrity, accountability, and transparency of the use of federal funds, as well as to enhancing the reliability of the audit itself.

This requirement helps maintain consistency across audits, enabling stakeholders, including federal agencies and the public, to rely on the findings and conclusions drawn from the audits. Furthermore, adhering to GAGAS contributes to the enhancement of the audit profession and the quality of audits being performed on government entities.