Answer the following questions relating to the provisions of the Single Audit Act of 1984 and 1996 amendments.(a) What is a single audit? (b) How do you determine if your government must have a single audit? (c) Where would you find authoritative guidance on conducting a single audit?
What will be an ideal response?
(a) A single audit is an audit conducted pursuant to the requirements of the Single Audit Act Amendments of 1996 (and SAA of 1984). Such an audit is conducted on an organization-wide basis as opposed to a program specific audit. The Single Audit Act requires a financial and compliance audit but not a performance audit.
(b) The Single Audit Act provides that each nonfederal entity that expends a total amount of federal awards in excess of $750,000 for the fiscal year in which the expenditure threshold is met is required to have a single audit. Federal awards is defined very broadly to include federal grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, and insurance, and also includes "pass-through" assistance received from another level of government as well as that received directly.
(c) OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards provides guidance for the auditor conducting a single audit. These documents can be obtained from the Internet homepage of the OMB. In addition, auditors are required to use the Compliance Supplement, which details compliance auditing requirements for many federal programs. The AICPA's Audit and Accounting Guide State and Local Governments is also valuable.
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The average price of homes sold in the U.S. in 2012 was $240,000 . A sample of 144 homes sold in Chattanooga in 2012 showed an average price of $246,000 . It is known that the standard deviation of the population (?) is $36,000 . We are interested in determining whether or not the average price of homes sold in Chattanooga is significantly more than the national average
a. State the null and alternative hypotheses to be tested. b. Compute the test statistic. c. The null hypothesis is to be tested at the 5% level of significance. Determine the critical value(s) for this test. d. What do you conclude?
The project manager should encourage project team members to identify problems early and solve them on their own or seek help if they need to
a. True b. False Indicate whether the statement is true or false
Jarrett owns a mountain chalet that he purchased in 2008 for $175,000. This year, the home appraised at $300,000. Shortly after the appraisal, a severe blizzard hit the area in spring of the current year, destroying trees and severely damaging several homes, including Jarrett's chalet. The blizzard was declared a federal disaster. The chalet's value was reduced to $135,000. Jarrett does not have insurance. Jarrett's AGI is $200,000. Jarrett's deductible loss after limitations is
A. $164,900. B. $144,900. C. $165,000. D. $135,000.