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<br />. <br /> <br />, <br /> <br />. <br /> <br />. <br /> <br />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 /> <br />f. A disclosure of any significant lack of efficiency or economy in the <br />operations of the agency; and <br /> <br />g. Recommendations for improvements. <br /> <br />4. Standards for Reporting on Federal Assistance Programs <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <br />5. Standards for Reporting on Specific Areas of Concern <br /> <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 /> <br />-8- <br />