[barelystayingsane]

Becker says that you can perform a compliance audit for governments/governmental assistance without having to perform a financial statement audit. Can you then also perform a financial statement audit without performing a compliance audit (assuming you don’t go over the $500k limit of the Single Audit Act)?

Thank you!

[barelystayingsane]

I've been trying to find out more about the integrated audit, but the only integrated audit I can find is that which is required by SOX (expressing an opinion on both the financial statements and internal control). Do you know of a website where they talk about the integrated audit for a governmental audit?

[Anonymous]

To answer the OP's question quickly: Yes, you can perform a yellow book audit (audit in accordance with governmental auditing standards) with out performing a single audit (compliance audit).

A Single Audit is required for an agency with over $500k of Federal Expenditures. You audit compliance with OMB Circular A-133 of all major programs for all requirements that are direct and material.

I have performed a financial statement audit of a City without performing a Single Audit (had less than $500k Federal Expenditures). I have not done a Single Audit and not a Financial Audit, I do not think that is possible because in the single audit report you reference to your opinion on the financial statements, and provide an in relation to opinion on the SEFA. We have a client where we issue the single audit early and separately from the main financial statements, and we actually perform a mini financial statement audit on the Special Revenue funds in conjunction with the Single Audit.

[Anonymous]

To answer the OP's question quickly: Yes, you can perform a yellow book audit (audit in accordance with governmental auditing standards) with out performing a single audit (compliance audit).

A Single Audit is required for an agency with over $500k of Federal Expenditures. You audit compliance with OMB Circular A-133 of all major programs for all requirements that are direct and material.

I have performed a financial statement audit of a City without performing a Single Audit (had less than $500k Federal Expenditures). I have not done a Single Audit and not a Financial Audit, I do not think that is possible because in the single audit report you reference to your opinion on the financial statements, and provide an in relation to opinion on the SEFA. We have a client where we issue the single audit early and separately from the main financial statements, and we actually perform a mini financial statement audit on the Special Revenue funds in conjunction with the Single Audit.

[Author]

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