Single Audit: Efforts Underway To Implement 1996 Refinements

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Report Type	Reports and Testimonies
Report Date	May 13, 1999
Report No.	T-AIMD-99-177
Subject	Federal grants Accountability Auditing procedures Auditing standards Financial management systems Financial statement audits Grant monitoring Intergovernmental fiscal relations Internal controls Reporting requirements Office of Management and Budget

Summary:

The Single Audit Act Amendments of 1996, along with guidance developed by the Office of Management and Budget, are designed to improve the auditing of federal assistance to nonfederal entities, which now totals more than $300 billion annually. Uniform requirements are now in place for all federal grant recipients--state and local governments, colleges and universities, hospitals, and nonprofit groups. Many of the audit burdens previously facing these governments and nonprofit groups have been reduced, and the audits should be more effective because they will focus on the programs presenting the greatest financial risk to the federal government. This testimony discusses the importance of the 1996 amendments, describes some of the steps taken to implement them, and discusses ways in which the refinements will continue to evolve and benefit future single audit efforts.

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Single Audit: Efforts Underway To Implement 1996 Refinements