Single Audit Act Workshop 2002: Single Audit in Europe November 26, 2002
Dec 23, 2015
Single Audit Act
Workshop 2002:Single Audit in Europe
November 26, 2002
General Topics of Discussion
• Background and Key Single Audit Act Provisions
• Identification of legislation with provisions that conflict with the Single Audit Act
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
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
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
More Cost-Beneficial Threshold
• Threshold for audit requirement raised from $100,000 to $300,000
• OMB evaluation of threshold every 2 years
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
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
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
Better Basis for Analysis
• Clearinghouse database accessible through the internet (http://harvester.census.gov/sac)
• Clearinghouse database query options
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
Pilot Projects
• Purpose and objectives of pilot projects
• One pilot project approved (Washington state audits of education programs)
Legislation Monitoring
• Single Audit Act requires GAO monitoring of all proposed legislation for conflicts with Single Audit Act provisions
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?