Yellow Book Audit Vs Single Audit

A yellow book audit is a financial checkup of any business. It is often required when working with government-funded organizations. The audit analyzes compliance with laws and regulations like James Bond looking for clues.   

On the other hand, a single audit focuses on how federal funds are being used. The audit ensures that every penny is spent properly, like Gordan Ramsey checking restaurants in Hell’s Kitchen.   

Let’s say your small business receives federal grants for a project. A single will check how you spent that grant, while a yellow book audit analyzes every aspect of the grant.