To improve the nancial management of state and local governments with respect to federal in .NET

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To improve the nancial management of state and local governments with respect to federal
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nancial assistance programs through improved auditing
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To establish uniform requirements for audits of federal nancial assistance provided to state
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and local governments
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To promote the ef cient and effective use of audit resources To ensure that federal departments and agencies, to the maximum extent practicable, rely on
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and use audit work performed pursuant to the requirements of the Single Audit Act Though the single audit builds on the annual nancial statement audit currently required by most state and larger local governments, it places substantial additional emphasis on the consideration and testing of internal controls and the testing of compliance with laws and regulations The Single Audit Act and OMB Circular A-128 require the auditor to determine whether:
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The nancial statements of the government, department, agency, or establishment present
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fairly its nancial position and the results of operations in conformity with GAAP
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The organization has internal and other control structures to provide reasonable assurance
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that it is managing federal nancial assistance programs in compliance with applicable laws and regulations The organization has complied with laws and regulations that may have a material effect on its nancial statements and on each major federal nancial assistance program Non-federal entities receiving $500,000 or more in a year in Federal awards are subject to a single audit unless they elect (if quali ed) to have a program-speci c audit conducted If less than $500,000 is expended, the entity is exempt from Federal audit requirements for that year, but records must be retained for review or audit, by, for example the General Accountability Of ce (GAO) The Single Audit Act provides auditors with guidance on the focus of the audit by de ning a level of audit work based on the concept of major and nonmajor federal assistance programs
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3414 AUDITS OF GOVERNMENTAL UNITS
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Major programs (not grants) are typically the larger programs in which an entity participates and are determined on a sliding scale by the relationship between the expenditures of the program and the total federal expenditures of the entity For most small and medium-sized governments, a major program is de ned as the larger of $300,000 or three percent of the total federal expenditures for all federal programs For larger governments whose total federal expenditures exceed $100 million, the Single Audit Act de nes a major federal nancial assistance program based on a sliding scale The Single Audit Act and OMB Circular A-128 require the auditor to issue several reports:
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For the entity:
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A report on the audit of the general purpose or basic nancial statements of the entity as a whole,
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or the department, agency, or establishment covered by the audit
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A report on internal control based on an understanding and assessment of the internal control
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structure obtained as a part of the audit of the general purpose or basic nancial statements
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A report on compliance with laws and regulations that may have a material effect on the nancial
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statements For its federal nancial assistance programs:
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A report on a supplementary schedule of the entity s federal nancial assistance programs, showing
total expenditures for each federal assistance program
A report on compliance with laws and regulations identifying all ndings of noncompliance and
questioned costs
A report on internal control structure used in administering federal nancial assistance programs
In March 1990, the OMB issued OMB Circular A-133, Audits of Institutions of Higher Education and Other Nonpro t Organizations The audit objectives contained in OMB Circular A-133 are patterned after the Single Audit Act of 1984 (described in the preceding section) and bring under the single audit umbrella nonpro t organizations receiving federal funds Although the Circular was issued primarily for nonpro t organizations receiving federal funds, institutions of higher education that are operated by a state or local government may elect to conduct a single audit under the provisions of OMB Circular A-133 versus the audit requirements associated with the Single Audit Act of 1984 In 1995, OMB began a process intended to combine the regulations governing single audits into a single document As a part of this process, OMB proposed changes to Circular A-133 OMB indicated that these changes would serve as a model for requested changes to the Single Audit Act of 1984 and that, if those changes were made, Circular A-128 would be abolished and that state and local governments would follow Circular A-133 The major proposals in this revision include:
Use of the concept of risk in determining which programs to audit Raising the threshold for an audit to $300,000 Reduce the time period for submission of the single audit results from 13 to 9 months Expansion of the scope to include hospitals
(b) OTHER CONSIDERATIONS Most government of cials and auditors of governmental units realize that a good audit should furnish more than an opinion on the nancial statements Other services a governmental auditor can provide are pinpointing the key information upon which decisions should be based and contributing to the presentation of this information in a manner that facilitates decision making; uncovering de ciencies in the accounting system and providing suggestions for improving the ef ciency and effectiveness of the system; and obtaining and presenting information useful for marketing securities Obtaining a quali ed auditor, particularly one who can provide the additional services described above, requires that the selection be based on quali cations and experience, and not solely cost
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