GASB · Yellow Book · Single audits
Government audit services for state and local government
GASB, Yellow Book, and single audits for state and local governments. Independent CPA examination of public financial statements and use of public funds.
- Audit-only focus
- GAAP & IFRS expertise
- Senior auditor on every engagement
- Transparent, predictable pricing
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What a government audit is
A government audit is an independent examination of a public entity's financial statements and its use of public funds, performed by a licensed CPA firm under the standards that govern the public sector.
Cities, counties, special districts, and organizations that spend federal awards get one to meet state law, grant terms, and federal requirements.
Government auditing is a specialty. It is performed by a small share of the firms that audit, because it layers extra standards on top of an ordinary audit. This is audit and attest work, not tax preparation.
Why choose Dimov Audit
Why governments work with Dimov Audit
Public sector specialty. Yellow Book and Uniform Guidance work performed at scale by an AICPA peer-reviewed firm.
AICPA
peer reviewed
50
states served, nationwide coverage
14+
years average audit and tax experience per staff member
500+
audits completed
The standards
The standards a government audit follows
Government audits stack several standards that do not apply to an ordinary business audit.
GASB
Sets GAAP for state and local governments, including the government wide and fund financial statements.
GAAS
The generally accepted auditing standards that govern how any audit is performed.
Yellow Book (GAGAS)
Government auditing standards that add independence rules and reports on internal control and compliance.
Uniform Guidance
2 CFR 200, the federal rules for a single audit when an entity spends federal awards.
What we do
Government audit and attest services
We keep to audit and attest work for the public sector.
GASB financial statement audit and ACFR
We audit the government wide and fund statements and support your Annual Comprehensive Financial Report.
Single audit (Uniform Guidance)
The federal compliance audit required when federal spending crosses the threshold. See our single audit page for full requirements.
Yellow Book audit
Financial and attestation engagements performed under Government Auditing Standards. See our Yellow Book audit page.
Performance audit
An evaluation of whether a program is economical, efficient, and effective.
Compliance and agreed upon procedures
Targeted testing of specific requirements or transactions.
Benefit plan audits
Audits of public pension and benefit plans.
If you spend federal funds
Spending federal money can trigger a single audit on top of your financial statement audit.
A single audit is required when your entity expends $1,000,000 or more in federal awards in a fiscal year, for fiscal years beginning on or after October 1, 2024. It combines a financial statement audit with a compliance audit of your federal programs. We perform single audits as part of our government work.
How it works
How a government audit works
- 01Step 1
Planning and risk assessment
We agree on scope, the reporting framework, and your submission deadlines.
- 02Step 2
SEFA and major program determination
For a single audit, we confirm the schedule and select major programs by risk.
- 03Step 3
Test controls and compliance
We test internal control over financial reporting and over compliance, and the applicable compliance requirements.
- 04Step 4
Audit the GASB financial statements
We audit the government wide and fund statements and the note disclosures.
- 05Step 5
Issue opinions and reports
You receive the financial statement opinion, the Yellow Book report, and, for a single audit, the Uniform Guidance report on major programs.
- 06Step 6
Submit to the Federal Audit Clearinghouse
For single audits, the reporting package is filed with the FAC.
How to prepare
How to prepare for a government audit
Preparation keeps a government audit on schedule. Before we start, get these in order.
- Reconcile your funds and prepare the SEFA.
- Track your GASB implementation status, including leases and subscription IT arrangements.
- Resolve prior year findings and complete corrective action.
- Draft your ACFR schedules and note disclosures.
Not sure you are ready?
Start with a readiness review
Many governments and grant recipients are not fully audit ready on day one. We assess where your records stand and give you a clear plan. Your team makes the changes and we handle the audit when you are set. We assess and advise, we do not prepare or adjust your records, which is how we protect our independence to audit you.
Support for the GFOA Certificate of Achievement
Strong reporting can earn national recognition.
The GFOA Certificate of Achievement for Excellence in Financial Reporting recognizes governments whose annual comprehensive financial reports go beyond the minimum GAAP requirements. We advise on the disclosures and presentation that help you earn or keep it.
Entities we serve
Government entities we serve
We audit across the public sector, and each works differently. These are some of the organizations we work with.
Cities and municipalities
Fund accounting, utility funds, and ACFR reporting.
Counties and regional authorities
Multiple funding sources and state and federal compliance.
Special purpose districts
Single purpose entities such as water, fire, and library districts.
Public employee retirement systems
Pension and benefit plan reporting and valuations.
Transit agencies and ports
Federal transportation funding and compliance.
Charter schools
State funding, enrollment reporting, and governance.
Nonprofits with federal funding
Single audits driven by grant spending. See our nonprofit CPA services.
Scoping
What a government audit costs
Cost depends on scope, not a flat rate.
These are the factors, not a quote. A single audit adds cost on top of the financial statement audit because it tests federal compliance. We price against your programs and reporting once we understand the engagement.
Why us
Why governments choose Dimov Audit
Audit only focus
Dimov Audit only does audit work, which keeps us efficient and cost effective.
Performs Yellow Book and single audits
We work under Government Auditing Standards and the Uniform Guidance.
AICPA peer reviewed
Our work is independently reviewed to professional standards.
Nationwide
We serve clients across all 50 states.
Related audit services
Related audit services
If a related audit fits your situation, we cover those too.
Single audit
Federal compliance audit for entities that expend $1,000,000 or more in federal awards.
Yellow Book audit
Financial and attestation engagements under Government Auditing Standards.
Nonprofit audit
Financial statement audits for 501(c) organizations and grant recipients.
Financial statement audits
The standard audit level for organizations that need a signed opinion.
Talk to a government auditor
Tell us about your entity, your federal programs, and your reporting deadlines.
We will scope the engagement and give you a clear quote. Handled directly by a professional.
Contact
Connect with Dimov Audit
Our dedicated team is ready to assist you on your path to financial success.
24 Mercer St, 2nd Floor, Suite 214
New York, NY 10013
United States
Frequently Asked Questions
Reviewed by George Dimov, CPA. Founder of Dimov Audit, the firm behind 500+ audit and attestation engagements across all 50 states.
Are your financials audit-ready?
Are Your Financials Audit-Ready?
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