Single Audit Analysis: Federated States of Micronesia and the Republic of the Marshall Islands: supplement
Gootnick, David (2016). Single Audit Analysis: Federated States of Micronesia and the Republic of the Marshall Islands: supplement (Report). Washington, DC: Government Accountability Office.
- Has attachment: File:2HLHXCNC.pdf
Abstract: This is an e-supplement to GAO-16-550T. The Single Audit Act of 1984, as amended, is intended to improve accountability, including effective internal control over federal awards administered by state and local governments and nonprofit organizations. The Single Audit Act, as implemented by the Office of Management and Budget (OMB) requires each non-federal entity that expends a total amount of federal awards equal to or in excess of a threshold amount to have a single audit for a fiscal year. The single audit is an organization-wide financial statement audit that includes the audit of the Schedule of Expenditures of Federal Awards and also focuses on internal controls over financial reporting and the award recipient's compliance with laws and regulations governing the federal awards received. Single audits are a critical element in the federal government's ability to ensure that federal funds are properly used and that federal agencies have information to fulfill their oversight responsibility for the funds that they award to nonfederal entities. Auditors are required to provide opinions (or disclaimers of opinion, as appropriate) as to whether (1) the financial statements are presented fairly in all material respects in conformity with generally accepted accounting principles; (2) the schedule of expenditures of federal awards is presented fairly in all material respects in relation to the basic financial statements, as a whole; and (3) the award recipient complied with requirements that could have a material and direct effect on major federal programs. In December 2014, OMB implemented new single audit guidance in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards effective for audits of nonfederal entities for fiscal years beginning on or after December 26, 2014.
