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1.~HE, SING_L_E AUDII ACT OF <br /> <br />GENERAL <br /> <br />Congress finally passed legislation that will require most govern <br />mental recipients of federal assistance to have oTgantzatlon-wJd <br />financial and compliance audits on an annual basis for their ftsca <br />years beginning after December )l, 1984. The legts]atlon~ calle <br />the "Single Audit Act of 198~"t was signed by President Reagan o <br />October 19, 1986. The provisions of the new <br /> <br />largely supersede all other statutory and administrative policy o <br />the federal government concerning audits of federal assfstanc <br />programs, including the general revenue sharing program. <br /> <br />Passage of the legislation culm[nates a process of ~e-examinatio <br />and fine-tuning of federal assistance audit policy that began i <br />1979 with the issuance of Attachment P of Office of Management an <br />Budget (OMB) Circular A-102. Attachment P called for implementatio <br />of the so-called "single audit concept~. That administrative polic <br />d~rectlve has never been implemented to the satisfaction of ke <br />members of Congress and has often been c~[ticized on technica <br />grounds by federal, state and local officials who have bee <br />zesponstb]e for car~ylng It out. <br /> <br /> <br />