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I <br /> A u._..~ Z.!T c O.__X E__R A G.__[.E .: E: N'r Z T_._Y <br />I The single aud! shall <br /> <br /> cover the entire state or local 9overnment" <br />operations for a fiscal year, A 9overnment does have the option <br />however, to have a set[es of single audits performed for the sam <br />fisca! yeaT on !ndividua! departments or agencies comprising !ha <br /> <br />I <br />I <br /> <br />government provided that all such departments and agencies ar <br />included. Governments whlch receive less than $25~000 Jn revenu <br />sharing In a fisca! year have the option of auditing only th <br /> <br />I <br />I <br />I <br /> <br />department(s) or <br /> <br />agency(les) <br /> <br />which received o.~ expended <br /> <br />federa <br /> <br />financial assistance during that fiscal year. In addition, the audi <br />may exclude publlc hospJtals and public Colleges and universities a <br /> <br />the optton of the recipient government. <br /> <br />Comment: The Act does not fully define what constitutes the "entity <br />of a state or local government. It appears, therefore~ that th <br />criteria found in NCGA Statement ~ and Interpretation 7 should b <br />used to define the reporting entity for single audit purposes. <br /> <br />AUDIT REPORTS <br /> <br />Each audit shall determlne and report whether: <br /> <br />The financial statements of the government, agency or departmer <br />present fairly its f[nanc[al positlon and results of its oper~ <br /> <br />tlons in accordance ~tth GAAP; <br /> <br /> <br />