February 2022
Though the federal government has intervened in the past to prevent financial meltdowns in the market, the money injected into the economy during the COVID-19 pandemic involved a much larger amount of cash. However, much of the funding that was provided to businesses, individuals and nonprofit organizations is subject to OMB single audit requirements if the party in question spent over $750,000 of federal funds during a single fiscal year. If your business or organization is in a situation where you might be subjected to an OMB Single Audit, you might start out by knowing what's involved and what you'll need to prepare for an audit.
