Shuttered Venue Operators Grant Single Audits (SVOG)

What Is a Shuttered Venue Operators Grant?

SVOGs are grants offered by a federal program under the Small Business Administration (SBA). The funds represented an emergency financial response to the effects of the COVID-19 pandemic, allowing eligible businesses to receive grants of up to 45% of the gross revenue they earned in 2019.

With the funds, these small businesses could continue to pay qualified expenses like: 

  • Rent
  • Payroll
  • Utilities
  • Insurance
  • Taxes

The SBA stopped taking applications under the program as of August 20, 2021.

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).

Financial Statements

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.

Program Compliance

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.

Internal Controls

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.

Leveraging internal audits

Trust SD Mayer for Help With Your SVOG Audit

If you need audit support, the team of experts at SD Mayer can help. We’re professional SVOG auditors serving the Bay Area and beyond — we’re headquartered in Silicon Valley with several satellite branches and qualified auditors countrywide. Our team members boast collective decades of accounting and auditing experience to help you navigate the SVOG auditing rules. 

Connect with us today for SVOG audit assistance in San Francisco or through one of our other locations.

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Trust your OMB Circular A-133 audit report to the experts. To schedule Single Audit preparation in the Bay Area, in San Francisco or from a remote location, please contact us today.