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April/May 2021 » Conducting Single Audits During...
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Nina Bahazhevska, CPA
The coronavirus (COVID-19) pandemic has significantly impacted the way CPAs plan and conduct single audits. Government-mandated shutdowns forced not-for-profit (NFP) organizations to move to a remote environment, restructure their operations, and close doors for many activities. In an effort to help deal with the challenges presented by the pandemic, the government responded by providing waivers to existing requirements and releasing significant amounts of new funding. New federal programs were created, and funding was added to existing programs. Because there was no time for COVID-19 funding to go through a regular awarding process, in many instances funds were available before the terms and conditions of newly created programs were finalized. Many funding agencies have been continually updating and revising related programmatic and reporting guidance. Some existing programs relaxed their compliance requirements due to pandemic restrictions.
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