How the American Rescue Plan Act of 2021 Affects Single Audits
The American Rescue Plan Act of 2021 (ARPA), signed into law on March 11, 2021, not only contained provisions that affected individuals, businesses, and governmental entities, but it also had implications for accountants in regards to Single Audits. A Single Audit is an examination of an entity that spends $750,000 or more in governmental assistance per year, through funding such as grants and awards, to ensure that the funds are being spent properly and the entity complies with laws and regulations.