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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 ...
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 ...
[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]
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.
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 ...
Pages in category "Single Audit" ... Compliance requirements; Annual comprehensive financial report; F. Federal Audit Clearinghouse; O. OMB A-133 Compliance ...
Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance full-text: April 1989 64: Omnibus Statement on Auditing Standards-1990 full-text: December 1990 65: The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements full-text: April 1991 66
AT-C section 315, effective May 1, 2017, sourced from SSAE No. 18, contains requirements and guidance for performing the following types of engagements: examining or reviewing compliance with laws, regulations, rules, contracts, or grants or an assertion about compliance, agreed-upon procedures related to compliance, or