Glossary

This glossary explains common terms, acronyms, and concepts used in the Federal Audit Clearinghouse (FAC) and the single audit process.

A

ACO (Auditee Certifying Official)

The person who certifies and submits an organization's audit reporting package to the FAC.

Adverse Opinion

An audit opinion stating that the financial statements are materially misstated.

ALN (Assistance Listing Number)

Used to identify a federal assistance program.

ArCO (Auditor Certifying Official)

The person responsible for auditor certification of a submission to the FAC.

Audit Editor

A user role that can edit an audit submission in the FAC.

Audit Finding

A reported issue identified during an audit.

Audit Submission Package

The complete set of webforms, workbooks, and PDF audit report submitted to the FAC.

Audit Threshold

The level of federal expenditures that triggers a single audit requirement. Prior to October 1, 2024, this was $750,000. After October 1, 2024, this is $1 million.

Audit Year

The time period covered by the audit.

B

Biennial Audit

An audit covering a two-year period where permitted by applicable requirements.

C

CAP (Corrective Action Plan)

Part of an audit report that describes how findings will be addressed.

Certification

A formal attestation that submitted information is accurate and complete. For a FAC submission, the Auditor Certifying Official certifies the Audit Submission Package first, then the Auditee Certifying Official certifies. If any changes are made before submission, the Auditor Certifying Official must re-certify the submission before the Auditee Certifying Official certifies again and submits.

CFDA Number (Catalog of Federal Domestic Assistance Number)

The former name for an Assistance Listing Number (ALN).

CFR (Code of Federal Regulations)

The official collection of federal regulations. The Uniform Guidance governing federal awards and single audits is located in 2 CFR Part 200.

Cognizant Agency

The federal agency designated to provide audit oversight for a non-Federal entity that spends more than $50 million annually in Federal awards.

D

DCF (Data Collection Form)

The workbooks used to report Single Audit information to the FAC, otherwise known as the SF-SAC Data Collection Form.

Direct Award

Federal funding provided directly from a federal agency. If an award is not a direct award, it was provided by a pass-through entity.

Disclaimer of Opinion

An audit opinion stating the auditor could not obtain sufficient evidence to form an opinion.

Dissemination

The publication of audit information for public access.

E

EIN (Employer Identification Number)

An identifier issued by the IRS to identify a business or organization.

F

FAC (Federal Audit Clearinghouse)

The government system used to collect and publish single audit reporting packages.

FAIN (Federal Award Identification Number)

An identification number assigned to a specific federal award.

Federal Expenditures

Amounts spent from federal awards during the audit period.

Federal Program

A federal assistance program identified by an ALN.

Finding Reference Number

The unique reference number assigned to an audit finding.

FYE (Fiscal Year End)

The last day of an organization's fiscal year.

G

GAGAS (Generally Accepted Government Auditing Standards)

The authoritative standards that govern how audits of government entities and federally funded programs must be performed. Issued by the U.S. Government Accountability Office (GAO), they are also referred to as the "Yellow Book."

H

High-Risk Auditee

An auditee that does not meet low-risk criteria and may require additional audit coverage.

I

Internal Controls

The collective system of controls used to safeguard assets and ensure compliance.

L

Login.gov

The government-wide sign-in service used to access the FAC.

Low-Risk Auditee

An auditee that meets criteria allowing reduced audit coverage of major programs.

M

Major Program

A federal program selected for detailed audit testing.

Major Program Determination

The process of identifying which federal programs must be audited as major programs.

Material Noncompliance

A failure to comply with federal statutes, regulations, or the terms and conditions of a federal award.

Material Weakness

A deficiency in internal controls that could result in a material misstatement.

Modified Opinion

An audit opinion that is not unmodified; includes qualified, adverse, or disclaimer opinions.

O

OMB (Office of Management and Budget)

An agency within the Executive Office of the President that sets the rules for how federal funds must be managed, reported, and audited.

Oversight Agency

A federal agency responsible for audit oversight when a non-Federal entity spends less than or equal to $50 million annually in Federal awards.

P

Pass-Through Award

Federal funding received through another organization rather than directly from a federal agency.

Pass-Through Entity

An organization that receives federal funds and passes them to a subrecipient.

Prior Finding

A finding reported in a previous audit period.

Q

Qualified Opinion

An audit opinion indicating a specific exception but otherwise fairly presented information.

Questioned Costs

Costs questioned by auditors because they may be unallowable or unsupported.

R

Repeat Finding

A finding that continues from a prior audit period.

Report ID

The unique identifier assigned to an audit submission in the FAC.

S

SAM.gov

The System for Award Management, the federal registration system for entities receiving federal awards.

SEFA (Schedule of Expenditures of Federal Awards)

A financial schedule in a Single Audit that lists all federal award expenditures an entity spent during its fiscal year.

SF-SAC (Standard Form – Single Audit Collection)

The form and supporting workbooks used to submit single audit information to the FAC. See also DCF.

Significant Deficiency

A weakness in internal controls that is less severe than a material weakness but important enough to merit attention.

Single Audit

An audit conducted under Uniform Guidance for entities expending federal funds above the audit threshold. Prior to October 1, 2024, the threshold was $750,000. On or after October 1, 2024, it is $1 million.

SSPAF (Summary Schedule of Prior Audit Findings)

A component of a Single Audit that reports the current status of audit findings from prior years.

Subrecipient

An entity that receives federal funds from a pass-through entity to carry out a program.

U

UEI (Unique Entity Identifier)

An identification number assigned to organizations doing business with the federal government.

Uniform Guidance (UG)

OMB regulations in 2 CFR Part 200 governing federal awards and single audits.

U.S. Census Bureau

The federal agency that operated the Federal Audit Clearinghouse before its transition to the General Services Administration (GSA) in 2023.