Rd instruction 1942-a table of Contents




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69

(Revision 1)

(2-6-85, PN 956)

RD Instruction 1942-A

§1942.17 (q)


(4) Audits. All audits are to be performed in accordance with generally accepted government auditing standards (GAGAS), using the publication, "Standards for Audit of Governmental Organizations, Programs, Activities and Functions," developed by the Comptroller General of the United States in 1981, and any subsequent revisions. In addition, the audits are also to be performed in accordance with various Office of Management and Budget (OMB) Circulars and Rural Development requirements as specified in the separate sections of this subpart. (Revised 3-1-88, SPECIAL PN.)
(i) Audits based upon Federal financial assistance received. The following requirements shall apply to audits of the years in which funds are received by the borrower.

(A) Local governments and Indian tribes. These organizations are to be audited in accordance with this subpart and OMB Circular A-128, with copies of the audits being forwarded by the borrower to the Rural Development District Director and the appropriate Federal cognizant agency. The Circular is attached as Exhibit A (available in any Rural Development office). For years in which an audit is not required by OMB Circular A-128, see paragraph (q)(4)(ii) of this section.


(1) Cognizant agency.

(i) "Cognizant agency" means the Federal agency assigned by OMB Circular A-128. Within the Department of Agriculture (USDA), the OIG shall fulfill cognizant agency responsibilities.

(ii) Cognizant agency assignments. Smaller borrowers not assigned a cognizant agency by OMB should contact the Federal agency that provided the most funds. When USDA is designated as the cognizant agency or when it has been determined by the borrower that Rural Development provided the major portion of Federal financial assistance, the appropriate USDA OIG Regional Inspector General shall be contacted. Rural Development and the borrower shall coordinate all proposed audit plans with the appropriate USDA OIG. A list of OIG contact persons is attached as Exhibit B (available in any Rural Development office).
(2) Audit requirements. It is not intended that audits required by this subpart be separate and apart from audits performed in accordance with State and local laws. To the extent feasible, the audit work should be done in conjunction with those audits.

70

(Revision 1)


RD Instruction 1942-A

§1942.17 (q)(4)(i)(A)(2) (Con.)

(i) Local governments and Indian tribes that receive $100,000 or more a year in Federal financial assistance shall have an audit made in accordance with OMB Circular A-128.
(ii) Local governments and Indian tribes that receive between $25,000 and $100,000 a year in Federal financial assistance shall have an audit made in accordance with OMB Circular A-128 or in accordance with Rural Development audit requirements. This is an option of the local government or Indian tribe. If the election is made to have an audit performed in accordance with Rural Development requirements, the audit shall be in accordance with paragraph (q)(4)(i)(B) of this section.
(iii) Local governments and Indian tribes that receive less than $25,000 a year in Federal financial assistance shall be exempt from both OMB Circular A-128 audits and Rural Development audit requirements, except for those based upon annual gross income which may apply in paragraph (q)(4)(ii) of this section. However, any audits performed shall be governed by the requirements prescribed by State or local law or regulation.
(Revised 05-26-93, PN 207.)
(iv) Public hospitals and public colleges and universities may be excluded from OMB Circular A-128 audit requirements. If such entities are excluded, audits shall be made in accordance with paragraph (q)(4)(i)(B) of this section.
(3) Fraud, abuse, and illegal acts. If the auditor becomes aware of any indication of fraud, abuse, or illegal acts in Rural Development financed projects, prompt written notice shall be given to the appropriate USDA OIG Regional Inspector General and the Rural Development District Director.

70A

(Revision 1)


(2-6-85, PN 956)

RD Instruction 1942-A

§1942.17 (q)(4)(i) (Con.)

(B) Nonprofit organizations and others. These organizations are to be audited in accordance with Rural Development requirements, and OMB Circular A-110, "Uniform Requirements for Grants to Universities, Hospitals, and Other Nonprofit Organizations." These requirements also apply to public hospitals and public colleges and universities if they are excluded from the audit requirements of paragraph (q)(4)(i)(A) of this section.


(1) Audits shall be annual unless otherwise prohibited and supplied to the Rural Development District Director as soon as possible but in no case later than 150 days following the period covered by the audit. (Revised 05-26-93,
PN 207.)
(2) Audit requirements.
(i) Borrowers which receive $25,000 or more a year in Federal financial assistance shall have an audit. Also, refer to paragraph (q)(4)(ii) of this section for additional audit requirements.
(ii) Borrowers which receive less than $25,000 a year in Federal financial assistance shall be exempt from audits, except for those based upon annual gross income which may apply in paragraph (q)(4)(ii) of this section. (Revised 05-26-93, PN 207.)
(iii) Indications of fraud, abuse, and illegal acts shall be processed in accordance with paragraph (q)(4)(i)(A)(3) of this section.
(ii) Audits based upon annual gross income. The following annual gross income audit requirements shall apply to all borrowers (local government, Indian tribes, and nonprofit organizations) for all years except the ones in which there is an audit requirement based upon the amount of Federal assistance received as required by paragraphs (q)(4)(i)(A) and (q)(4)(i)(B) of this section. Audits shall be on an annual basis unless otherwise prohibited and shall be supplied to the Rural Development District Director as soon as possible but in no case later than 150 days following the period covered by the audit. (Revised 05-26-93, PN 207.)

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