Audit requirements.

CFR · 2024-01-01 · US · Title 7

(a) (1) Financial operations are conducted properly; (2) The financial statements are presented fairly; (3) The organization has complied with laws and regulations affecting the expenditure of Federal funds; (4) Internal procedures have been established to meet the objectives of federally assisted programs; and (5) Financial reports to the Federal Government contain accurate and reliable information. (b) (2) Audits shall be made in accordance with the General Accounting Office “Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, the Guidelines for Financial and Compliance Audits of Federally Assisted Program,” and any compliance supplements approved by OMB, and generally accepted auditing standards established by the American Institute of Certified Public Accountants. (c) (1) There is effective control over and proper accounting for revenues expenditures, assets, and liabilities. (2) The financial statements are presented fairly in accordance with generally accepted accounting principles. (3) The Federal financial reports (including Financial Status Reports, Cash Reports, and claims for advances and reimbursements) contain accurate and reliable financial data; and are presented in accordance with the terms of applicable agreements, and in accordance with 2 CFR part 200, subpart F and Appendix XI, Compliance Supplement and USDA implementing regulations 2 CFR part 400 and part 415. (4) Federal funds are being expended in accordance with the t

official document · source cfr-2024 · id 7:§ 277.17