New Single Audit Threshold: $750,000

Today (December 19, 2013), the AICPA Governmental Audit Quality Center (GAQC) announced that the Single Audit threshold will increase from $500,000 to $750,000. GAQC stated the following:

The threshold for audit will be increased to $750,000 as had previously been proposed. With regard to the effective date of the new rules, it is our understanding that they will be effective for single audits of years beginning on or after January 1, 2015. That is, the first single audits that will be affected by the new rules will be December 31, 2015, year ends.