[Manuelo]

What are the differences between these two audits? I think single audits audit the f/s, compliance and internal control of each major program but compliance…? They look almost the same to.me.

[Manuelo]

I think I get the idea. Please correct me if I'm wrong.

You can either perform a financial statement audit where you see if the entity's has complied with the laws and regulations or you can audit an entity's compliance with a major federal program. The first is a compliance audit and the latter would entail a Single Audit.

[Author]

Replies