Single Audit:

Refinements Can Improve Usefulness

T-AIMD-96-77: Published: Mar 29, 1996. Publicly Released: Mar 29, 1996.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO discussed proposed amendments to the Single Audit Act of 1984 and the act's importance. GAO noted that: (1) Congress enacted the act in response to state and local governments' poor accounting practices and lack of accountability for federal funds; (2) audits were not uniform and some grantees were subjected to multiple annual audits while others were not audited for long periods of time; (3) state and local governments have greatly improved their accountability and financial management under the act; (4) proposed amendments would reduce administrative burdens on grantees who receive comparatively small amounts by raising audit thresholds so that audit coverage returns to the 95-percent level; (5) grantees below the thresholds would still have to maintain records and be subject to monitoring; (6) the amendments require the Office of Management and Budget to develop a risk-based approach to targeting audit resources at higher-risk programs; (7) the amendments' required summary reports would increase audit timeliness and usefulness; (8) shortening the audits' due date to 9 months from the fiscal year's close would also improve the audits' timeliness; (9) bringing nonprofit organizations under the act would subject all grantees to uniform requirements; and (10) the proposed amendments would make the single audits the basis for other audits.

Sep 20, 2016

Sep 6, 2016

Aug 19, 2016

Aug 12, 2016

Jul 29, 2016

Jul 28, 2016

Jul 13, 2016

Jul 11, 2016

Jun 13, 2016

Looking for more? Browse all our products here