Shuttered venue operatorS grant audit requirements
The Shuttered Venue Operators Grant (SVOG) was provided to eligible for-profit and not-for-profit arts & entertainment businesses for COVID-19 relief. While this grant came at a time when the industry was suffering, certain federal audit rules still apply.
The arts and entertainment industry faced a myriad of financial and labor-related challenges due to COVID-19. Fortunately, many of these organizations qualified for an SVOG to provide economic relief. However, organizations that spent over $750,000 in SVOG funds in 2020 and 2021 are now required to complete a specialized audit on the use of those funds.
For many, this will be the first time you are required to complete this audit, and it is each organization’s responsibility to engage a reputable, qualified accounting firm to perform it.
At Sikich, our single audit team performs this audit in accordance with the Generally Accepted Government Auditing Standards. We rely on a streamlined approach, cost-effective solutions and remote work capabilities to conduct this audit for your organization in an efficient, timely manner. Because our experience in audit services across for-profit and not-for-profit sectors, we have a deep understanding of single audit requirements and how to expertly apply the audit to your organization.