What does a single or program-specific audit entail?

A single or program-specific audit primarily refers to an annual examination focusing on organizations that receive federal funding exceeding a determined threshold. This type of audit is mandated by federal regulations to ensure that the allocated funds are being utilized appropriately and in accordance with applicable laws and guidelines. The annual review serves as a mechanism to promote accountability and transparency in the management of federal resources, allowing organizations to demonstrate their compliance with established standards and reporting requirements.

This context reinforces the importance of financial oversight within federally funded programs and ensures that taxpayer money is spent effectively. Such audits are crucial for fostering public trust and maintaining the integrity of the funding process.