Standards ("Yellow Book") were established to bring
uniformity to audits of government organizations, programs, activities,
and functions, and governmental assistance received by certain entities,
including nonprofit organizations. These standards are broader in scope than generally accepted
auditing standards established by the American Institute of Certified
governments, and nonprofit organizations receiving federal awards are also
subject to Single Audit Standards, as established by the Single Audit Act
of 1984. “Single Audit”
refers to an entity-wide audit consisting of two main components: an audit
of the basic financial statements and an audit of the entity's major
federal award programs. Federal
award program audits require assessment of an entity's internal controls
and testing compliance of such controls and the requirements of the major
RTA performs audits of direct and indirect costs and rates ("Overhead Audits") of public and private companies having contracts with federal and state agencies. We also perform single audits for nonprofit organizations and are proficient with Massachusetts Uniform Financial Reporting standards. In addition, we perform audits of real estate projects and multifamily mortgage brokers pursuant to Housing and Urban Development (“HUD”) guidelines.
© Romito, Tomasetti
& Associates, P.C.