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Comment: This dlfferent%ation among recipients largely paralle <br />the current requirements of the Denera! revenue sharing la <br /> <br />m According to federal officials, the <br /> will assure that nearly 90 percent <br /> <br />m <br /> <br /> of the federal funds <br />distributed to state and local governments wll! be subjected <br />annual audit scrutiny. <br /> <br />new single audit leg~slati <br /> <br />! <br />! <br /> <br />AUDIT STANDARDS <br /> <br />The single audit is to be conducted by an independent auditor <br /> <br />accoTdance with generally accepted 9overnment auditing standards <br /> <br />issued by the Comptroller General of the United States in t <br />booklet Standards for Audit of Governmental Organizations.~ Prog~a~ <br />Activities and Functions, 1981 Revision (the "Yellow Book"). Su <br />standards for purposes of this Act exclude those related to econo <br />and efficiency audi~s or program results audits. <br /> <br />AUDIT COVERAGE - MA3OR FEDERAL ASSISTANCE PROGRMAS <br /> <br />The single audit must include financial and compliance testing of <br />representative number of transactions from ~agh major federal ass) <br />tance program. To define what constitutes a major federal assistar <br />p~ogram, the Act establishes a sliding scale which relates the amo~ <br />pf expenditures under a particular federal assistance program to <br /> <br />total amount of expenditures from all federal assistance <br /> <br /> <br />