Single Audit Services in Chicago

Odoni Partners LLC - Certified Public Accountants > Single Audit Services in Chicago

Single Audits for Federally Funded Organizations

Organizations that expend $750,000 or more in federal funds in a fiscal year are required to undergo a Single Audit—a comprehensive examination of both financial statements and compliance with federal program requirements. Governed by the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 200 Subpart F)—commonly known as Uniform Guidance—these audits are mandatory for continued eligibility to receive federal funding.

At Odoni Partners, we specialize in helping nonprofits, municipalities, school districts, and special districts throughout Chicago and Illinois navigate Single Audit requirements with precision, transparency, and efficiency. Our team understands how critical these audits are for maintaining your organization’s reputation, securing future funding, and complying with agency expectations.

The Importance of Having an Operating Agreement

What Is a Single Audit?

A Single Audit is a hybrid engagement that includes:

An audit of the organization’s financial statements conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS).
A compliance audit that reviews your organization’s use of federal funds, internal controls, and adherence to the specific requirements of each federal program.

The audit also includes preparation and filing of the Schedule of Expenditures of Federal Awards (SEFA) and submission of results to the Federal Audit Clearinghouse (FAC).

This process goes far beyond a standard financial audit. It evaluates whether your organization used federal resources efficiently, legally, and in accordance with grant-specific requirements.

When Is a Single Audit Required?

Your organization is required to undergo a Single Audit if:

You spend $750,000 or more in total federal awards (direct or pass-through) during your fiscal year.
Funds are used under one or multiple federal programs, such as:
- Head Start
- WIC
- Medicaid
- CARES Act or ARPA programs
- Department of Education, HUD, or HHS grants
You are a nonprofit, governmental entity, or educational institution subject to Uniform Guidance

Who We Serve

Odoni Partners works with a wide range of federally funded organizations across Illinois, including:

Nonprofit organizations (human services, education, health, housing, youth development)
School districts and charter schools
Municipal governments and townships
Housing authorities and public health departments
Special districts (libraries, park districts, transit agencies)

Whether you’re a long-time federal grant recipient or receiving federal funds for the first time, we guide you through the full process—from planning through audit submission.

Our Approach to Single Audits

We provide a structured, transparent, and collaborative audit experience:

1. Pre-Audit Planning

Review prior audit findings and risk status
Evaluate funding sources and program requirements
Create a tailored audit timeline based on fiscal deadlines

2. Fieldwork & Testing

Examine internal controls over compliance and reporting
Test transactions against federal program guidelines
Confirm expenditures align with allowable uses

3. Reporting & Submission

Prepare the SEFA schedule
Draft audit reports in accordance with GAGAS and Uniform Guidance
Submit reports to the Federal Audit Clearinghouse
Meet deadlines set by OMB, state pass-through entities, and grantors

4. Ongoing Support

Assist with resolving prior findings
Provide post-audit recommendations for improving internal controls
Prepare your organization for future federal funding audits

Why Choose Odoni Partners

Decades of experience conducting Single Audits under Uniform Guidance
A team of CPAs who understand federal regulations, grant management, and nonprofit operations
Full-service accounting and assurance firm with multiple offices in Chicago, Wheaton, Edgewater, and Moline
Proven track record helping organizations remain compliant and grant-eligible
Personal, hands-on service — no handoffs to junior auditors or external contractors

We work closely with executive directors, controllers, boards, and grant administrators to ensure your audit is not just compliant—but valuable.

Let’s Get You Audit-Ready

Whether you’re preparing for your first Single Audit or want a more responsive and reliable CPA firm, we’re here to help. Contact today!

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