Single audits involve three levels of requirements, generally accepted auditing standards (GAAS), Government Auditing Standards, and Title 2 U.S. .
Under Uniform Guidance (2 CFR Part 200, Subpart F), nonfederal entities that expend $1 million or more in federal awards during the entity’s fiscal year are required to have a single audit or program-specific audit in accordance with 2 CFR 200.501. Expenditures include cash transactions, loans, loan guarantees, federally restricted endowment funds, and various other types of noncash assistance, such