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Single Audit Financial Statement Analysis
What Is It?
• Compilation of Single Audit Reports (or Audited Financial Statements) from all providers that have received sub awards from federal grants
• Evaluation of whether providers have complied with GAAS and DOH requirements
• Utilization of four defined measures to assess sub grantee risk as determined from a review of their audited financial statements
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Single Audit Financial Statement Analysis
What Measures are Evaluated and Reported?
• Current Ratio (current assets/current liabilities)
• Net Assets (total assets – total liabilities)
• Profit Margin (total revenues – total expenses)/total revenues
• Audit Findings and Status of Corrective Actions
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Single Audit Financial Statement Analysis
Why Do We Do This?
• Accountability • Compliance – Increase in submission of Audit Reports to Federal
Audit Clearinghouse from 34% to 61% from 2015 to 2016
• Common Reporting Within the Provider Community
• Evaluation Based on Generally Accepted Auditing Standards (GAAS)
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Single Audit Financial Statement Analysis
Example:
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Table A Agency Date
Report Due
Was Report Submitted On Time
Date Report Submitted
Does Provider Have Audit Findings
Audit Finding Outcome
Revenues >750k
Complies with GAAS?
Single Audit in Clearinghouse
Current Ratio
Net Assets (rounded)
Profit Margin
Aids Health Care Foundation 9/30/17 N 10/4/17 N N/A Y Y Y 1.94% 268.43M 3.52% Bread for the City 3/31/17 N 1/20/17 N N/A N Y N/A 1.39% 14,.64M 1.01% Casa Ruby, Inc. 6/30/16 N 1/30/18 N N/A N Y N/A .58% -79.5K 10.27% Childrens NTL Med. Ctr. 3/31/17 Y 4/28/16 Y CAP IN place Y Y Y 1.81% 774.1K 4.32%
Single Audit Financial Statement Analysis
Next Steps?
• Revision of Procedures for Tracking and Corrective Action Plans • Inclusion of Providers receiving Human Care Agreements funded
through federal grants in the next report • Consideration of expanding this analysis to include all Providers
receiving pass through federal funds throughout DOH
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Single Audit Financial Statement Analysis
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