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e. A disclosure of any significant loss, waste, fraudulent use, <br /> improper or unauthorized expenditure of funds, or any failure to <br /> account for revenues, receipt and receivables; <br /> f. A disclosure of any significant lack of efficiency or economy in the <br /> operations of the agency; and <br /> g. Recommendations for improvements. <br /> 4. Standards for Reporting on Federal Assistance Programs <br /> The Contract Auditor's report shall state that the audit was conducted in <br /> accordance with the provisions of the Single Audit Act of 1984, the <br /> Single Audit Act Amendments of 1996, and OMB Circular No. A-133, and <br /> shall include the following: <br /> a. An opinion as to whether the financial statements of the Federal <br /> program is presented fairly in all material respects in conformity <br /> with the stated accounting policies; <br /> b. A report on internal control related to the major Federal program, <br /> which shall describe the scope of testing of internal control and the <br /> results of the tests; <br /> c. A report on compliance which includes an opinion as to whether <br /> the auditee complied with laws, regulations, and the provisions of <br /> contacts or grant agreements which could have a direct and <br /> material effect on the Federal program; and <br /> d. A schedule of findings and questioned costs for the Federal <br /> program that includes a summary of the auditor's results relative to <br /> the Federal program in a format consistent with Section .505(d)(1), <br /> OMB Circular No. A-133, and findings and questioned costs <br /> consistent with the requirements of Section .505(d)(3), OMB <br /> Circular No. A-133. <br /> 5. Standards for Reporting on Specific Areas of Concern <br /> With respect to reporting on specific areas of concern, sufficient detail <br /> shall be included to enable the Council to understand the underlying <br /> causes of problems reported and to assist in implementing or devising <br /> corrective action. At a minimum, the report shall contain a statement of <br /> the examination objectives and approach; a descriptive statement and an <br /> evaluation of each problem revealed by the examination; and findings and <br /> recommendations. <br /> -8- <br />