The Single Audit Act Amendments of 1996, OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, and subsequent revisions, apply to non-Federal entities, including local governmental units, which expend $750,000 or more in Federal awards in a year. A single audit is defined as an audit that includes both the entity’s financial statements and its Federal awards. Single audits are intended to provide assurance of the adequacy of internal controls in place and compliance with program requirements. The single audit process does not limit the authority of Federal agencies to conduct or arrange for additional audits of an entity’s Federal awards. However, additional audits should be planned and accomplished with the intent to develop audit work previously performed.
The Internal Audit Department assists the external auditors with single audit engagements, in accordance with Generally Accepted Government Standards (GAO), for the City’s Comprehensive Annual Financial Report.