Microlearning | Surviving SEFA and Single Audit-Click on the icon to view and download the slides

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This presentation explains how to survive the SEFA (Schedule of Expenditures of Federal Awards) and understand its role in a Single Audit.<br /><br />A SEFA is a supplemental schedule in the financial statements that lists federal awards expended during the fiscal year, usually organized by CFDA number, grant name, and amount spent. Its main purpose is to determine whether an organization has met the threshold for a Single Audit. A Single Audit is required when a non-Federal entity expends $1 million or more in federal awards during its fiscal year.<br /><br />The SEFA is important because it is often the first step in the audit process. Auditors use it to identify which programs are subject to testing and to determine major programs, including Type A programs. The CFDA number, also called the Assistance Number, identifies the federal program and can be researched through SAMS and other resources.<br /><br />The SEFA is prepared during the regular audit process, but it is created by the audited organization, not the audit firm. This means the organization needs systems and controls capable of producing accurate data. Problems preparing the SEFA may indicate weak controls, system issues, or lack of knowledge.<br /><br />The presentation also corrects common misconceptions: the SEFA is not the same as the Single Audit, it is not only for the federal government, it does not report revenue only, and it includes both direct federal awards and pass-through funds.<br /><br />The SEFA should be made available for public inspection unless restricted by law and may be posted on the organization’s website or in public databases. Inaccurate SEFA reporting can lead to funding loss, credibility problems, compliance issues, internal control concerns, and audit complications.

Asset Subtitle

Presentation Slides

Keywords

SEFA

Single Audit

federal awards

CFDA number

Schedule of Expenditures of Federal Awards

major programs

Type A programs

pass-through funds

internal controls

audit compliance