Loan Help: How to Prepare for an Audit

As a recipient of a loan or grant from a state or federal source, your project may be audited for several different purposes:

  1. American Iron and Steel (AIS) Compliance - This audit applies to projects with an AIS requirement.  The audit focuses on the materials of the components used to build the project.   Types of documents that you will need are: Shop Drawings, Shop Drawing Logs, AIS Certification Letters, Waivers, Materials Lists.  The Audit is likely to take place on site during construction, but may occur after construction is completed.  These audits are likely to be performed by either or both your local SRF staff and US EPA SRF staff.
  2. Single Audit Act Compliance - This audit applies to any recipient of $750,000 or more of federal funds in a year.  This audit is performed annually and is sometimes called the OMB A-133 audit.  These audits are typically performed by Certified Public Accountant and includes both financial and compliance records.