Laserfiche WebLink
The government, agency or department has complied with <br />regulations that may have a materta! effect upon the <br /> <br />I <br /> <br />statements and upon each ma~or federa! assistance proD~am; and <br /> <br />I . The government, agency or department has internal control syste~ <br /> to provide reasonable assurance that it is managing fedez~ <br /> -. <br /> financial assistance programs in compliance with applicable <br /> <br />I and regulations. <br /> <br />I Comment: <br /> <br />The Act does ~o~ require that the financial statements 1 <br /> <br />I <br />I <br /> <br />prepared in conformity with GAAP--only that the auditors' zepo <br />thereon state whether or not the financial statements are prepar <br />in conformity with GAAP. <br /> <br />The Act does no__~t specifically require the preparation of a <br /> <br />reporting on a sdpplemental schedule of grant activity as do <br /> <br />Attachment P. However, It would seem desirable and useful to rata <br /> <br />thts schedule in connection with a single audit. <br /> <br />Based on our extensive experience with single audits unt <br />Attachment P and on the discussion about sin91e audits in ~ <br /> <br />exposu=e d=aft of the p=oposed new AICPA state and local 9ove=nm~ <br />audit guide, the reporting requirements under the Act sho~ <br />continue to be met with the following three auditors' reports: <br /> <br />· An auditors' opinion on the general purpose financial stateme <br /> <br />and a supplemental schedule of grant activity. <br /> <br /> <br />