COM 0568.000 1996-1998 - Laserfiche WebLink

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OMB Circular No. A-133 http://wwwl.whitehouse.g...circulars/a133 /a133.htm1 requirements of §_.315(c). (3) The auditor shall: (i) Perform an audit of the financial statement(s) for the Federal program in accordance with GAGAS; (ii) Obtain an understanding of internal control and perform tests of intemal control over the Federal program consistent with the requirements of §_.500(c) for a major program; (iii) Perform procedtres to detemune whether the auditee has complied with laws, regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on the Federal program consistent with the requirements of §_.500(d) for a major program; and (iv) Follow up on prior audit findings, perform procedures to assess the reasonableness of the summary schedule of prior audit findings prepazed by the auditee, and report, as a current yeaz audit finding, when the auditor concludes that the summary schedule of prior audit findings materially misrepresents the status of any prior audit finding in accordance with the requirements of §_.500(e). (4) The auditor's report(s) may be in the form of either combined or sepazate reports and may be organized differently from the manner presented in this section. The auditor s report(s) shall state that the audit was conducted in accordance with this part and include the following: (i) An opinion (or disclaimer of opinion) as to whether the financial statement(s) of the Federal program is presented fairly in all material respects in conformity with the stated accounting policies; (ii) A report on intemal control related to the Federal program, which shall describe the scope of testing of internal control and the results of the tests; (iii) A report on compliance which includes an opinion (or disclaimer of opinion) as to whether the auditee complied with laws, regulations, and the provisions of contracts or grant agreements which could have a direct and material effect on the Federal program; and (iv) A schedule of findings and questioned costs for the Federal program that includes a summary of the auditor's results relative to the Federal program in a format consistent with §_.505(d)(1) and findings and questioned costs consistent with the requirements of §_.505(d)(3). (c) Report submission for program-specific audits. (1) The audit shall be completed and the reporting required by paragraph (c)(2) or (c)(3) of this section submitted within the eazlier of 30 days after receipt of the auditor s report(s), or nine months after the end of the audit period, unless a longer period is agreed to in advance by the Federal agency that provided the funding or a different period is specified in aprogram-specific audit guide. (However, for fiscal yeazs beginning on or before June 30, 1998, the audit shall be completed and the required reporting shall be submitted within the eazlier of 30 days after receipt of the auditor's report(s), or 13 months after the end of the audit period, unless a different period is specified in aerogram-specific audit guide.) Unless restricted by law or regulation, the auditee shall make report copies available for public inspection. (2) When aerogram-specific audit guide is available, the auditee shall submit to the Federal 13 of 32 10/20/97 11:15:3: