Get Audit Of SBA's FY 2009 Financial - Sba

The U.S. Small Business Administration's (SBA) Office of Inspector General (OIG) provides independent and objective oversight to improve the integrity, accountability, and performance of SBA and its programs for the benefit of the American people.

Audit requirements for non-profit borrowers If you are a non-profit COVID-19 EIDL borrower that expended $750,000 or more in loan funds (and expenditures from other Federal awards) in a single year, you are subject to requirements under the Single Audit Act.

If you received a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA), you may be subject to an SBA loan audit. Here's what to expect, how to prepare and what to do if you get audited.

2/ A7. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Audits can involve financial accounts of companies or individuals. They can be conducted by external or internal auditors, and may also be completed by taxation agencies like the Internal Revenue Service (IRS).

The PCAOB Auditing Standard 2201 requires that the audit of internal control over financial reporting should be integrated with the audit of the financial statements.

Audited or reviewed annual and/or quarterly statements may be required from a licensed independent public accountant when the SBA decides it is vital to obtain a more thorough verification of a concern's financial position.

The OIG conducts financial and performance audits of internal Agency functions and of participants in SBA programs to promote the economical, efficient, and effective operation of SBA programs.