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Use cases/Single audit

Single audit prep.

A single audit adds award schedules, compliance testing and a reporting deadline to the financial statement audit. CORAA AI drafts the financial statement working papers from the books; the award schedules, such as the SEFA, and the compliance testing stay with your team.

The two rules that set the work

A non-Federal entity that expends $1,000,000 or more during its fiscal year in Federal awards must have a single or program-specific audit for that year (2 CFR 200.501(a)). The reporting package is due within 30 calendar days after the auditee receives the auditor’s reports or nine months after the end of the audit period, whichever is earlier (2 CFR 200.512(a)(1)).

How it runs

  1. 01
    Check the threshold

    Your team decides whether the entity meets the threshold. The single audit threshold calculator on this site shows the working.

  2. 02
    Send the books

    The trial balance and general ledger, bank statements and the client’s draft financial statements.

  3. 03
    CORAA drafts the working papers

    The financial statement working papers are drafted from the entity’s books. The SEFA and other award schedules stay with your team.

  4. 04
    You test, conclude and report

    Your team performs the compliance testing, concludes on the exceptions, writes the findings and issues the reports.

What stays with your firm

Your firm keeps the client, the review and the signature. CORAA AI drafts the file and CORAA Network reviewers clear every flag with a logged reason; your manager and partner then review it as they would any staff-prepared file. CORAA never signs, issues or reports on anything, and never contacts your client unless you ask us to.

Free resources for this work

Guides, templates and calculators on this site that cover the same ground. All free to use.

GuideSingle Audit and Uniform Guidance Walk-Through: Major Programs, SEFA and ReportingGuideSEFA: How to Prepare the Schedule of Expenditures of Federal AwardsGuideMajor Program Determination: Type A, Type B and the Risk-Based Approach Under 2 CFR 200.518GuideTesting Pass-Through Entity Subrecipient Monitoring in a Single AuditTemplateSingle Audit Major Program Determination WorksheetTemplateSchedule of Findings and Questioned Costs (2 CFR 200.515)TemplateSummary Schedule of Prior Audit Findings and Corrective Action PlanToolSingle Audit Threshold Calculator: $750,000 or $1,000,000 and Due DateToolMajor Program Determination Calculator (Single Audit, 2 CFR 200.518)

Questions firms ask

No. Your team performs the testing and concludes.
No. The auditee submits the package. The file carries the dates your team plans around.
CORAA takes audits and reviews of private companies and nonprofits. A governmental engagement is settled on the intake call before anything is uploaded.
Your team. CORAA does not draft or issue the schedule of findings and questioned costs.
Your first audit is free. After that, a flat fee per audit, set by the size of the entity: revenue, transactions and number of entities. Messy books are included, never a surcharge.

Sources: 2 CFR 200.501, audit requirements (eCFR) · 2 CFR 200.512, report submission (eCFR) · AICPA Statements on Auditing Standards, currently effective

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For US CPA firms

Join the CORAA waitlist

CORAA AI drafts audit working papers from your client’s QuickBooks books and does the first pass: lead schedules, tie-out, memos, draft notes and letters. CORAA Network reviewers clear every finding. Your firm reviews and signs.

  • First audit free, so you can judge the quality on a real file
  • Flat fee by entity size; messy books included
  • We work only with CPA firms, never their clients
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