what is the auditor s responsibility for the schedule of expenditures of federal awards
Single Audit In the United States, the Single Audit, also known as the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its operations.[1][2][3] Usually performed annually,[4] the Single Auditâ€™s objective is to provide assurance to the US federal government as to the management and use of such funds by recipients such as states, cities, universities, and non-profit organizations. The audit is typically performed by an independent certified public accountant (CPA) and encompasses both financial and compliance components. The Single Audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC.
United States Olympic Committee The USOCâ€™s main sources of revenue are television broadcast rights, sponsorships and philanthropy in the form of major gifts and direct mail income. Additional funding comes from the government for Paralympic programming, as well as other sources such as the city of Colorado Springs and the U.S. Olympic Foundation.