Guidelines for Financial and Compliance Audits of Federally Assisted Programs

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Page 64 - ... annual financial statements in accordance with generally accepted auditing standards and section 37 of the Federal Deposit Insurance Act (12 USC 1831n). The scope of the audit engagement shall be sufficient to permit such accountant to determine and report whether the financial statements are presented fairly and in accordance with generally accepted accounting principles.
Page 1 - Reports prepared by non-Federal auditors will be used in lieu of Federal audits if the reports and supporting workpapers are available for review by the Federal agencies, if testing by Federal agencies indicates the audits are performed in accordance with generally accepted auditing standards (including the audit standards issued by the Comptroller General), and if the audits otherwise meet the requirements of the Federal agencies.
Page 1 - ...Reports prepared by non-Federal auditors will be used in lieu of Federal audits, if the reports and supporting workpapers are available for review by the Federal agencies, if testing by Federal agencies indicates the audits are made in accordance with generally accepted auditing standards (including the audit standards issued by the Comptroller General), and if the audits otherwise meet the requirements of the Federal agencies....
Page 11 - An evaluation is to be made of the system of internal control to assess the extent it can be relied upon to ensure accurate information, to ensure compliance with laws and regulations, and to provide for efficient and effective operations.
Page 65 - Express an opinion as to whether the financial statements are fairly presented in accordance with generally accepted accounting principles. If an unqualified opinion cannot be expressed, state the nature of the qualification. c. The auditors...
Page 65 - Attachment. 4. The provisions of this Attachment do not limit the authority of Federal agencies to make audits of recipient organizations. However, if independent audits arranged for by recipients meet the requirements prescribed below, all Federal agencies shall rely on them, and any additional audit work shall build upon the work already done.
Page 13 - The purpose of tests of compliance is to provide reasonable assurance that the accounting control procedures are being applied as prescribed.
Page 65 - Reports, and claims for advances and reimbursements) contain accurate and reliable financial data; and are presented in accordance with the terms of applicable agreements, and in accordance with Attachment H of this Circular.
Page 6 - The work is to be adequately planned and assistants, if any, are to be properly supervised.
Page 8 - Standards 1. Written audit reports are to be submitted to the appropriate officials of the organizations requiring or arranging for the audits. Copies of the reports should be sent to other officials who may be responsible for taking action on audit findings and...

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