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What triggers the requirement for a Single Audit? Any non-federal entity that expends $750,000 or more in federal award funds during its fiscal year is required to obtain a Single Audit (or Program-specific Audit, if applicable.)
Who is mandatorily subject to tax audit? A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances.
The audit must include appropriate financial statements including the Schedule of Federal Awards. Additionally, a subrecipient must take corrective action promptly on adverse audit findings, report on corrective action plans and also disclose the status of prior audit findings.
Auditability Requirements Auditability hinges on obtaining access to the type of information necessary to put together an audit, and the records requested being well-organized, complete, and compliant with accounting standards.
Steps to ensure a successful audit include: Planning for the audit. Planning is crucial, and additional time needs to be taken to adequately prepare for an audit. Keeping up with accounting standards. Assess organizational changes. Learn from the past. Develop a timeline and assign responsibilities. Organize data.
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Subpart F of the Uniform Guidance is a large and extensive United States federal government guide created for use in auditing federal assistance and federal grant programs, as well as their respective recipients.

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