A program-specific audit is an audit of one grant or group of grants from one federal agency in
accordance with Federal laws, regulations, or audit guides relative to that particular grant or
award. It does not require a financial statement audit of the entity. The audit is conducted in
accordance with Generally Accepted Auditing Principles and Government Auditing Standards.
Program specific audits cover the fiscal or calendar year of the grant being audited. Internal
control structures and compliance with significant requirements are tested as part of every
Audit Requirements: Single audits or program-specific audits usually need to be
prepared for any year for organizations that spend more than $500,000 in federal funds.
SBIR/Government Grant audits for For-Profits
Agency audits are required for any entity that spends more than $500,000 in government funds in a single
fiscal year. These audits are required to be completedf by an independent auditor who is qualifed to
provide those services. The audit focuses on both the use of the money and the required compliance with
the applicable rules and regulations of the grant or contract.
Audit Requirements: NIST grants need to be audited within 90 days of the end of
the first year of funding. The grant is then required to be audited every 2 years after the first
year and in the final year.