How many different types of audits are there?
Annual Audits:
– Incurred Cost – For Profit U.S. Based
– Single Audit – Non-Profit U.S. Based
– Recipient Contracted Audits- Non-US Based
– Agreed upon procedures Non-Profit and For profit
USAID awards require financial audits as prescribed by the Single Audit Act
Amendments of 1996 (31 USC 7501-7506) and the Office of Management and Budget
(OMB) Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). The purpose of the Single Audit Act Amendments of
19962 and the Uniform Guidance are to promote sound financial management,
including effective internal controls; establish uniform requirements for audits of federal
awards; promote the efficient and effective use of audit resources; and reduce burden.
To meet these requirements, recipients of USAID awards contract independent
auditors to perform annual financial audits consistent with 2 CFR 200.’
The Auditee is required to submit its Single Audit Report to the FAC within 30 calendar days after receipt of the Auditor’s report, or within nine months after the close of the Auditee’s fiscal year, whichever is earlier.
What is the purpose of the Federal Audit Clearinghouse (FAC)?
Its primary purposes are to: Distribute single audit reporting packages to federal agencies. Support OMB oversight and assessment of federal award audit requirements. Maintain a public database of completed audits.