If you are an organization with a fiscal year ending 12/31, now is the time to get going on your audit of the Provider Relief Funds (“PRF”) received during Period 1 and Period 2 and other HHS awards, if applicable. An audit of the HHS awards is required if your organization expended $750,000 or more…
If you are an organization with a fiscal year ending 12/31, now is the time to get going on your audit of the Provider Relief Funds (“PRF”) received during Period 1 and Period 2 and other HHS awards, if applicable. An audit of the HHS awards is required if your organization expended $750,000 or more in annual awards subject to HHS audit requirements. For 12/31/2021 fiscal year-end organizations, use of the PRF funds for both Period 1 and Period 2 must be combined when determining if the $750,000 threshold has been met. The type of audit required will depend on the type of organization. Non-profit organizations will require a Single Audit while for-profit entities have three options as listed below, each with different scope and requirements.
- Single Audit
- Program-specific audit
- Financial-related audit
Such audits will include testing of compliance on use of the funds according to the intended use as well as an understanding of the organization’s internal controls over compliance of the program. For organizations with a fiscal year end of 12/31/21, the audit is currently set to be due by September 30, 2022.
