Audit & Assurance

Many commercial entities have received funding from the federal government in various forms since 2020 in response to the COVID-19 pandemic. The Department of Health and Human Services (HHS) continues to be at the forefront, funding healthcare entities specifically with Provider Relief Funds (PRF) into 2022.

While these funds have been well deserved and well received, much of this activity is expected to generate thousands of new compliance audits — whether single audit, program-specific audit performed in accordance with 45 CRF 75 F, or financial audit in accordance with Government Auditing Standards — over the next few years. The financial audit in accordance with Government Auditing Standards seems to be gaining popularity as the preferred audit option for commercial entities.

So which types of commercial entities are likely subject to HHS federal audit requirements in 2022? Many of the entities listed below will, if they expend — including expenditures and lost revenues — more than $750,000 or more in annual awards:

Read the entire article.