The objective of this quality control review was to assess whether PricewaterhouseCoopers LLP (PwC) performed the FY 2023 single audit of Massachusetts Institute of Technology (MIT) in accordance with generally accepted government auditing standards and Federal requirements for single audits. Appendix A contains our scope and methodology.
Non-Federal entities that expend Federal funds of $750,000 or more in a fiscal year are subject to the Single Audit Act Amendments of 1996 (Single Audit Act), Pub. L. No. 104-156, and 2 C.F.R. Part 200, “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance). The Single Audit Act was enacted to promote sound financial management of Federal awards administered by non‑Federal entities and to establish uniform requirements for audits of Federal awards. The Uniform Guidance establishes the standards for