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Single Audit
G.S. 159-34 states that each unit of local government and public authority shall have its accounts audited as soon as possible after the close of each fiscal year.  When specified by the Secretary of the Local Government Commission (LGC), the audit shall evaluate the performance of a unit of local government or public authority with regard to compliance with all applicable federal and State agency regulations.  In accordance with this statute and regulations set by the Secretary of the Local Government Commission, local governments and public authorities are subject to the following audit requirements:
  • All local governments and public authorities subject to G.S. 159, The Local Government Budget and Fiscal Control Act, must have an audit performed in accordance with generally accepted auditing standards (GAAS).
  • Local governments and public authorities that expend $100,000 or more in combined federal or State financial assistance must have an audit performed in accordance with Government Auditing Standards (GAGAS).
  • Beginning with fiscal year 2004, local governments and public authorities that expend $500,000 or more in federal financial assistance and/or expend $500,000 or more in state financial assistance must have a single audit performed in accordance with OMB Circular No. A-133.
  
Audit Manual
Single Audit
Audit Fees
Firms Providing Accounting Services
Audit Opinions and Reports
Pension Standards - GASB 67 and GASB 68
Pension Standard - GASB 73