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Code · CFR · Title 2 — Federal Financial Assistance · Part 200 — Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards · § 200.520

§ 200.520. Criteria for a low-risk auditee.

273 words·~1 min read·/us/cfr/t2/s§ 200.520·

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An auditee that meets all of the following conditions for each of the preceding two audit periods must qualify as a low-risk auditee and be eligible for reduced audit coverage in accordance with § 200.518.
(a)Single audits were performed on an annual basis in accordance with the provisions of this subpart, including submitting the data collection form and the reporting package to the FAC within the timeframe specified in § 200.512. A non-Federal entity that has biennial audits does not qualify as a low-risk auditee.
(b)The auditor's opinion on whether the financial statements were prepared in accordance with generally accepted accounting principles (or a special purpose framework such as cash, modified cash, or regulatory as required by State law), and the auditor's in-relation-to opinion on the schedule of expenditures of Federal awards were unmodified.
(c)No internal control deficiencies were identified as material weaknesses under the requirements of GAGAS.
(d)The auditor did not report a substantial doubt about the auditee's ability to continue as a going concern.
(e)None of the Federal programs had audit findings from any of the following in either of the preceding two audit periods in which they were classified as Type A programs:
(1)Internal control deficiencies that were identified as material weaknesses in the auditor's report on internal control for major programs as required under § 200.515(c);
(2)A modified opinion on a major program in the auditor's report on major programs as required under § 200.515(c); or
(3)Known or likely questioned costs that exceeded five percent (.05) of the total Federal awards expended for a Type A program during the audit period.
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