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This proposed audit guide provides guidance to Independent auditors when conducting financial and compliance audits of federal assistance programs awarded to state and local governmental units and Indian tribal governments as required by the Single Audit Act of 1984, Public Law 98-502. This guide and the Industry Audit Guide, Audits of State and Local Governmental Units, are applicable when an auditor is engaged to examine and report on the general purpose financial statements of governmental units that include federal financial assistance funds. Areas discussed in the proposed guide include the following: 1. Legal and regulatory requirements; 2. Findings and questioned costs; 3. Requirements applicable to subrecipients of federal financial assistance; 4. Initial-year audit and stub periods; 6. Responsibilities of cognizant agency; 6. Joint audit considerations. In addition, the proposed guide illustrates auditors' reports on financial statements and internal accounting control and auditors' comments on compliance with applicable laws and regulations.
Finance, Public -- United States -- States -- Auditing; Local finance -- United States -- Auditing; Economic assistance, Domestic -- Auditing -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Task Force on Single Audits of Federal Financial Assistance, "Proposed audit guide : Audits of federal financial assistance to state and local governmental units;Audits of federal financial assistance to state and local governmental units" (1984). Statements of Position. 477.