A recipient or subrecipient that expends $750,000 or more from all federal funding sources during their fiscal year is required to submit an organization-wide financial and compliance audit report, also known as a single audit report.[278]
Recipients must comply with procedures for compliance with audit requirements of the Government Accountability Office’s government auditing standards codified in the Yellow Book,[279] 2 CFR Part 200, Subpart F and all other applicable statutes and regulations.
For single audits of recipients, a FEMA project officer will be assigned to follow up on audit findings and issue management decisions for associated corrective actions. For single audits of subrecipients, the recipient must follow up on audit findings and issue management decisions for associated corrective actions.
For single audits, the auditee is required to prepare financial statements reflecting their financial position, a schedule of federal award expenditures and a summary of the status of prior audit findings and questioned costs. The auditee must also follow up and take appropriate corrective actions on new and previously issued but not yet addressed audit findings.[280] The auditee must prepare a corrective action plan according to 2 CFR § 200.1 and 2 CFR § 200.511.