Audits

Audit Requirements Overview

Fiscal & Administrative Review Assistance for IDHS Providers

Audit is the evaluation of financial statements by a qualified auditor to determine if your organization's financials are accurate and fairly presented. Specific audit requirements are dependent on organization type and the amount of Federal funds spent during your organization's fiscal year.

  • If your organization spent $750,000 or more of Federal funding during your fiscal year (including both direct or pass- through funds), you may be subject to:
  • A single audit - audit of your organization's financial management system and compliance with Federal grant requirements
  • A program - specific audit- audit of an individual Federal program
  • If your organization spent between $500,000 and $750,000 of Federal funding during your fiscal year, you may be required to have a financial statement audit conducted in accordance with the Generally Accepted Government Auditing Standards (GAGAS)
  • If your organization spent $300,000 or more but less than $500,000 of Federal funding during your fiscal year, you may be required to have a financial statement audit conducted in accordance with the Generally Accepted Auditing Standards (GAAS)

What are the responsibilities of your organization?

  • Consult with your organization's executives, internal auditors, accountants, and external auditors, as applicable, to confirm audit requirements
  • Prepare financial statements that accurately reflect your financial position and include expenditures of Federal awards
  • Select a qualified auditor, if required, and provide the auditor access to relevant documentation
  • Develop a Corrective Action Plan (CAP) to address audit findings
  • Submit your organization's Consolidated Year-end Financial Report (CYEFR), including the auditor's opinion, as appropriate

Audit requirement reminders:

  1. Your organization's management is required to review audit requirements on an annual basis
  2. Maintain data collection forms and reporting packages for three (3) years, in addition to adhering to the recordkeeping requirements in your grant award