Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.
-
Upload
cynthia-shaw -
Category
Documents
-
view
218 -
download
0
Transcript of Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.
![Page 1: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/1.jpg)
Single Audit Act
Workshop 2002:Single Audit in Europe
November 26, 2002
![Page 2: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/2.jpg)
General Topics of Discussion
• Background and Key Single Audit Act Provisions
• Identification of legislation with provisions that conflict with the Single Audit Act
![Page 3: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/3.jpg)
History
• 1979 “Inconsistency, gaps and duplication• 1984 Single Audit Act• Office of Management and Budget Involvement• 1994 Major GAO report• 1996 Single Audit Act Amendments
![Page 4: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/4.jpg)
Key Amendments
• Law extended to all recipients• More cost-beneficial audit thresholds• Broader risk-based audit focus• More timely reporting• Better basis for analysis• Pilot projects
![Page 5: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/5.jpg)
Law Extended to All Recipients
• 1996 Amendments consolidated audit requirements for State and local governments and nonprofit organizations
• As a result of the amendments, OMB consolidated A-128 and A-133 into a revised A-133
![Page 6: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/6.jpg)
More Cost-Beneficial Threshold
• Threshold for audit requirement raised from $100,000 to $300,000
• OMB evaluation of threshold every 2 years
![Page 7: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/7.jpg)
Broader Risk-Based Focus
• Select programs to audit
• identify large dollar programs
• identify risk at large dollar programs
• identify high-risk smaller dollar programs
• audit high-risk large dollar and selected smaller dollar programs
![Page 8: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/8.jpg)
Broader Risk-Based Focus
• Risk factors now considered in determining programs audited
• recipient’s current and prior audit experience with federal programs
• results of recent oversight visits
• program inherent risk
![Page 9: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/9.jpg)
Broader Risk-Based Focus
• Many programs that would have been audited are not audited
• Many programs that would not have been audited in the past are audited
![Page 10: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/10.jpg)
Better Basis for Analysis
• Clearinghouse database accessible through the internet (http://harvester.census.gov/sac)
• Clearinghouse database query options
![Page 11: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/11.jpg)
More Timely Reporting
• Organizations with fiscal years beginning after 6/30/98 must submit their audit reports no later than 9 months after their fiscal year-end
• Clearinghouse receives about 34,000 reports annually
![Page 12: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/12.jpg)
Pilot Projects
• Purpose and objectives of pilot projects
• One pilot project approved (Washington state audits of education programs)
![Page 13: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/13.jpg)
Legislation Monitoring
• Single Audit Act requires GAO monitoring of all proposed legislation for conflicts with Single Audit Act provisions
![Page 14: Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002.](https://reader031.fdocuments.us/reader031/viewer/2022013011/56649da05503460f94a8c151/html5/thumbnails/14.jpg)
Barriers/Issues
• How do you know if all required single audits are conducted?
• Are auditors following applicable standards when conducting the audits?
• Is adequate monitoring occurring to ensure that recipients of federal funds correct findings reported in single audit reports?