Single Audit
A comprehensive annual audit required for governments that spend $750,000 or more in federal funds, ensuring compliance with federal grant requirements.
How It Works
The Single Audit (governed by the Uniform Guidance, 2 CFR 200) examines both the financial statements and the government's compliance with federal program requirements. Audit findings can result in required corrective action, questioned costs, or loss of future funding. Results are reported to the Federal Audit Clearinghouse (fac.gov) and are publicly accessible. Cities with clean single audits demonstrate competent financial management; repeat findings suggest management problems.
Related Terms
- Comprehensive Annual Financial Report (CAFR/ACFR) — A city's official annual financial report, audited by independent accountants, containing detailed financial statements, statistical data, and management discussion.
- Federal Grants — Funding from the federal government to cities for specific purposes — housing, transportation, public health, law enforcement, and environmental protection.
About This Definition
This definition is part of the CitySpend Municipal Finance Glossary — 59 terms explaining how city governments fund and manage public services. All definitions are written in plain language for taxpayers, journalists, students, and municipal bond investors.