The CARES Act allocated significant amounts of money in new aid to non-federal entities requiring many of them to complete a single audit perhaps for the first time. A single audit also requires the financial statement audit to be performed under Government Auditing Standards (GAS). You may be asked to perform single audit engagements as your clients navigate the requirements of the CARES Act.
Single audits are complex highly specialized audits focused on compliance with federal laws or regulations (and internal controls to ensure compliance) that apply to specific federal funds. If your firm performs a single audit engagement, it will be required to have a system review, which includes a review of at least one single audit engagement (or the audit of those compliance requirements and internal controls over compliance with those requirements).