Episode 12: Single Audits for Government Entities

2021-06-14

Episode 12: Single Audits for Government Entities Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you. Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans. On episode 12 of Everyday Business, host Alan Panter, princ...

Episode 12: Single Audits for Government Entities

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 12 of Everyday Business, host Alan Panter, principal and member of Yeo & Yeo’s Government Services Group, is joined by Jamie Rivette, principal and leader of the Government Services Group.

Listen in as Alan and Jamie discuss single audits for government entities in the first of our two-part podcast series focusing on auditing and accounting for government entities.

What is a Single Audit, and how do I determine if one is required? How should the federal dollars be reported in the financial statements? (1:20)
Who is responsible for preparing the SEFA? (3:42)
Which grants should be included in the SEFA and which should not? (4:08)
What else do I need to prepare? (4:53)
Which items will the auditor want to test in the SEFA? (6:30)
Which programs will the auditors select for testing? (8:20)
Who sets compliance requirements, and how will I know which areas will be tested? (10:00)
What else should I pay attention to? (11:20)

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DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

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