SVOG Audit Requirements for a Single Audit
SVOG auditing firms like SD Mayer are financial experts who know the requirements of the Uniform Guidance, compliance supplements and the Generally Accepted Government Auditing Standards (GAGAS).
As part of the SVOG single audit, an independent company thoroughly reviews the organization’s financial statements. The goal is to determine that you’ve honestly represented your finances according to generally accepted accounting principles. Auditors also verify that the organization fairly discloses the expenses it paid with the federal money in relation to its overall financial statement.
Compliance with an SVOG grant may cover a wide range of requirements, including:
- Allowable expenses: Your auditor examines how you spent the SVOG funds to ensure you only paid for qualified expenses.
- Cash management: Generally speaking, the federal government expected you to put the SVOG grant to work quickly — your auditor confirms that you paid expenses within the allowable time frame.
- Equipment management: This point may apply if you used SVOG funds to buy your business any equipment with an expected life span of more than one year.
- Procurement procedures: Auditors study how you get supplies and from whom to verify that you’re managing your supply chain in compliance with federal regulations.
Part of the SVOG single audit is determining that you have sufficient internal controls to reduce your non-compliance risk. That means your auditor checks to see if you’ve created organizational policies to ensure federally supplied funds only went to eligible costs.