How Much Does a Shuttered Venue Operators Grant Audit Cost?

SVOG Audit Pricing: What Grant Recipients Need to Know

The Shuttered Venue Operators Grant (“SVOG”) was created by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260 in 2020.  The SVOG Program is administered by the U.S. Small Business Administration’s (SBA) Office of Disaster Assistance. As a Federal grant program, all funds awarded under the SVOG Program (CFDA# 59.075) will count toward the audit requirement to comply with the Single Audit Act. If an entity expends $750,000 or more in Federal grant funding (across all sources, including SVOG) in any single fiscal year, the entity will be required to complete an audit under the Single Audit Act.

There are two main audit options for these entities to consider, a Single Audit option and a Program Specific Audit option. Each audit option offers a different audit scope and price range.   Included below is information to assist you in understanding the scope of SVOG audit services and the fee ranges.

SVOG Program Specific Audit Option: Scope and Estimated Cost

• Generally appropriate for not-for-profit and for-profit entities that did not receive / expend funds from other federal programs in addition to the SVOG funds.
• Scope of audit is only the SVOG award funds.
• A financial statement audit is not required.
• Auditor provides a full (not an ‘in relation to’) opinion on the Statement of Expenditures of Federal Awards (SEFA).
• Requires auditor to test internal controls over compliance and provide a report on internal controls; however, the report is not an opinion over internal controls.
• The cost of a program specific audit is expected to be less than a single audit due to the limited scope of the engagement.
• The cost for a SVOG program specific audit can range $15,000-$25,000.

SVOG Single Audit Option: Scope and Estimated Cost

• Generally appropriate for not-for-profit and for-profit entities that received / expended funds from other federal programs in addition to the SVOG funds.
• Scope of audit includes all federal program awards received / expended.
• Audit includes both:
  • a financial statement audit conducted in accordance with generally accepted auditing standards (GAAS), and
  • a compliance audit conducted in accordance with the Uniform Guidance (UG) and generally accepted government auditing standards (GAGAS).
• Auditor provides an ‘in relation to’ opinion on the Statement of Expenditures of Federal Awards (SEFA).
• Requires auditor to test internal controls over compliance and provide a report on internal controls; however, the report is not an opinion over internal controls.
• The costs for a single audit option may be costlier due to the requirement to perform a financial statement and compliance audit.
• The cost for a SVOG single audit can range $25,000-$50,000.

Reminder: SVOG Audit Due Dates

Compliance audits, under either the single audit or program specific audit options, are generally due the earlier of 30 days after the compliance report is issued or within nine months after the end of your fiscal year.  However, an extension was granted for entities with June 30, 2021 year-end compliance audits.  You will have until September 30, 2022 to file.

Once you have determined the audit option that best fits your particular circumstances, we encourage you to begin preparing for the audit requirement immediately.

Looking for a resource to help you prepare? View our Checklist for Eligible and Allowable Costs Accumulation and Documentation.

Our Shuttered Venue Operators Grant Expense Tracker is also a great resource that can help you manage the progress of the costs incurred towards the award budget and to streamline the closeout process with the SBA.

Questions regarding a Shuttered Venue Operations Grant audit for your organization? Contact your Keiter Opportunity Advisor or Email | Call: 804.747.0000