Direct comparison
Single Audit vs. Regular Audit
How a federally required Single Audit (2 CFR 200 Subpart F) differs from a regular financial statement audit in scope, standards, threshold, and filing.
Side-by-side comparison
| Dimension | Single Audit | Regular Financial Statement Audit |
|---|---|---|
| Governing authority | Single Audit Act, as implemented by 2 CFR 200 Subpart F (Sec. 200.501-200.521) | No single federal mandate — driven by bylaws, lenders, state law, or board policy |
| What triggers it | Expending $1,000,000+ in federal awards in a fiscal year ($750,000 for FYs beginning before Oct 1, 2024) | Organizational choice or a non-federal requirement (loan covenant, charitable-solicitation statute, board request) |
| Scope | Financial statements AND compliance with major federal program requirements | Financial statements only |
| Standards applied | GAAS + GAGAS (Yellow Book) + 2 CFR 200 Subpart F audit requirements | GAAS only |
| Reports produced | Financial statement opinion, SEFA, report on internal control over compliance, per-program compliance opinion, Schedule of Findings and Questioned Costs | Financial statement opinion (plus optional management letter) |
| Where it's filed | Federal Audit Clearinghouse (fac.gov) — public record | Stays with the organization / requesting stakeholder; no federal repository |
| Auditor qualification | Independent CPA meeting GAGAS independence and continuing-education requirements | Independent CPA meeting GAAS requirements |
| Applies regardless of federal funding? | No — only applies once the federal expenditure threshold is met | Yes — any organization can obtain one |
| Satisfies federal compliance-audit requirement? | Yes | No |
Common questions
FAQ
If our organization already has a regular audit, do we still need a Single Audit?+
Yes, if federal award expenditures meet the threshold ($1,000,000 for fiscal years beginning on or after October 1, 2024; $750,000 for earlier years). A regular financial statement audit does not test compliance with federal award requirements and does not satisfy the Single Audit Act requirement, regardless of how thorough it is.
What if we're just under the expenditure threshold?+
An entity that expends federal awards below the applicable threshold in a given fiscal year is exempt from the Single Audit requirement for that year, though it must still make records available for review by federal agencies, pass-through entities, and the Government Accountability Office (GAO) as applicable.
Is a program-specific audit the same as a regular audit?+
No. A program-specific audit under 2 CFR 200.507 is only available when an entity expends federal awards under a single federal program, and it is still a federal compliance audit governed by Subpart F — it is not a substitute for, or the same thing as, a standard GAAS-only financial statement audit.
Does a Single Audit replace the need for a regular financial statement audit?+
A Single Audit's financial statement component serves the same purpose as a regular audit's opinion, so organizations subject to a Single Audit generally do not need a separate standalone financial statement audit covering the same period — the Single Audit's financial opinion covers that need in addition to the compliance testing.
