Entities participating in federal programs must understand significant changes in the 2024 Single Audit Compliance Supplement to ensure compliance, optimize funding utilization, and maintain eligibility for future awards. Phil Marciano, Partner at Citrin Cooperman, explains key strategies for adapting to these updates, focusing on increased thresholds for audits, enhancements to internal controls’including cybersecurity measures’and adjustments to program income usage. He also addresses the adjusted de minimis indirect cost rate and the importance of timely audit submissions to maintain low-risk auditee status.
Learning Objectives
• Identify key updates in the 2024 Single Audit Compliance Supplement, including changes to internal controls and equipment thresholds
• Determine which parts of the 2024 supplement have been updated and what requirements have remained unchanged
• Recognize the differences between federal single audits and financial statement audits
• Recall the reporting due dates and the criteria for low-risk auditee status
