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Government Grant Compliance & Consulting
Gray, Gray & Gray has significant experience performing audits of governmental and other non-profit organizations, with a particular emphasis in the area of government compliance reviews. Our audit team has extensive experience performing the following:
• Internal Audits
• Grant Recipient Compliance Reviews
• Internal Control Reviews (OMB Circulars A-123, A-127)
• Audits of State and Local Governments (OMB Circular A-128)
• Statement on Auditing Standards No. 70 (SAS 70)
• Programmatic Reviews
• Management and Operational Auditing
• Agreed upon procedures and audit reports
We are also experienced in performing Overhead Rate Audits.
If your company or organization receives federal awards either directly or indirectly you may be required to have an annual audit. There are three primary types of audits that may be required:
1. Financial statement audit – This is the typical audit for for-profit enterprises, but may also be conducted for not-for-profit organizations. It is a process that involves auditing the account transactions and year-end balances included in the organization’s financial statements and reporting on the “fairness of the presentation.” It is all encompassing and not just concerned with the federal awards received.
2. Yellow book audit – This is a type of financial statement audit that is conducted under Government Auditing Standards. Its focus is oriented towards financial statement reporting, but it also includes assessing internal controls and compliance issues. As with a financial statement audit, a yellow book audit’s objective is to provide an opinion on whether the financial statements are free of material misstatements.
3. Single audit – This type of audit is required when the amount of federal awards expended (or incurred) during an organization’s fiscal year exceeds $500,000. The term “expendd” means the amount of expenses that the organization incurred related to the grant, not the amount that has been paid. The amount of funds received is not the trigger for the audit.
Our Firm has extensive experience in conducting financial and compliance audits pursuant to Yellow Book standards, including Single Audits and Program Specific audits prescribed by OMB Circular A-133. Our staff is trained in Yellow Book requirements and has met the Continuing Professional Education of the Government Auditing Standards.
What can we bring you that your current accountant is missing? Call us today at (781) 407-0300 or email vision@gggcpas.com. We’d love to discuss how we can help you achieve your dream for a more profitable and secure future.
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