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Part III: Compliance Requirements – This section provides guidance and description on the 14 types of compliance guidelines established by federal agencies which summarize the compliance with federal laws and regulations in a general way. It also provides the auditor with certain audit objectives and suggested audit procedures to facilitate ...
To facilitate a recipients' compliance with federal laws and regulations, and as well as its annual Single Audit, the OMB created fourteen basic and standard compliance requirements that recipients must comply with when receiving and using such federal assistance. The OMB also provides detailed explanations, discussions, and guidance about them ...
[3] [13] The Single Audit is divided into two areas: Compliance and Financial. The compliance component of a Single Audit covers the study and understanding (planning stage) as well as the testing and evaluation (exam stage) of the recipient with respect to federal assistance usage, operations and compliance with laws and regulations. [13]
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...
The Federal Audit Clearinghouse (FAC) is an office within the United States federal government.In compliance with the U.S. Office of Management and Budget (OMB) Circular A-133 Revised, the FAC is in charge of receiving, processing and distributing to U.S. federal agencies the Single Audit reporting packages of thousands of recipients of federal assistance.
Consideration of Fraud in a Financial Statement Audit full-text: October 2002 100: Interim Financial Information full-text: November 2002 101: Auditing Fair Value Measurements and Disclosures full-text: January 2003 102: Defining Professional Requirements in Statements on Auditing Standards full-text: December 2005 103: Audit Documentation full ...
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The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor. In all matters relating to an assignment, an independence in mental attitude is to be maintained by the auditor or auditors.