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March 2008 Single Audit Information Service Newsletter

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Grants Series March 2008 | Issue 279HUD Proposes To Establish Also In This IssueRoster of Approved Accountants Texas-based auditor Leita Hart-Fanta discusses The Department of Housing and Urban Development is proposing to the effect in a Yellow Book audit and what is the best way for auditors to eliminate boring or take more control over the selection of independent auditors by certain vague effects and concentrate on effects that are HUD grantees — a move the agency says will boost financial data accu-central to the audit. ........................................... 4racy. The agency proposed to establish a roster of approved independent public accountants (IPAs) and public accounting firms that it would allow The Ohio Department of Education plans to to perform audits in certain HUD programs. The proposal also would upgrade its subrecipient monitoring activities to establish eligibility, application and removal procedures for accounting address concerns raised in a U.S. Department of Education Office of Inspector General audit on firms listed on the IPA roster. HUD would be the cognizant or oversight the state’s administration of migrant education agency under the Single Audit Act for these auditees. Comments on the program funds. ................................................. 7proposal, which was released Feb. 6, are due April 7. Page 2Practice Tools OMB Says It Will Emphasize The second in a series of synopses highlighting certain finding in the ...

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Publié par	Miphig
Nombre de lectures	11
Langue	English

Extrait

Grants Series

March 2008 | Issue 279

Also In This Issue

Texas-based auditor Leita Hart-Fanta discusses

the effect in a Yellow Book audit and what is

the best way for auditors to eliminate boring or

vague effects and concentrate on effects that are

central to the audit. ...........................................4

The Ohio Department of Education plans to

upgrade its subrecipient monitoring activities to

address concerns raised in a U.S. Department of

Education Office of Inspector General audit on

the state’s administration of migrant education

program funds. .................................................7

Practice Tools

The second in a series of synopses highlighting

certain finding in the National Single Audit

Sampling Project by the President’s Council

on Integrity and Efficiency and the Executive

Council on Integrity and Efficiency focuses on

audit documentation. ........................................7

Update Pages

Updated illustrative reports in ¶625.

Conference Alert

Don’t miss Thompson’s March 18 audio

conference, “Demystifying Federal Grant Cost-

Sharing and Matching,” when Bob Lloyd, a

respected authority on the acquisition, award and

audit of federal grants, provides insights on how

to sort out the requirements for matching and

cost sharing so that grantees can plan effectively

how to meet them and document that you’ve

done so. This popular session is an effective

introduction for those who have had limited

exposure to the subject and a solid refresher

for those who have worked more extensively

with cost sharing and matching but who would

like reinforcement and clarification. Visit www.

thompsoninteractive.com or call 800-925-1878

for more information and to register.

Customer Service:

800-677-3789

Online:

www.thompson.com

Editorial:

202-872-4000

HUD Proposes To Establish

Roster of Approved Accountants

The Department of Housing and Urban Development is proposing to

take more control over the selection of independent auditors by certain

HUD grantees — a move the agency says will boost financial data accu-

racy. The agency proposed to establish a roster of approved independent

public accountants (IPAs) and public accounting firms that it would allow

to perform audits in certain HUD programs. The proposal also would

establish eligibility, application and removal procedures for accounting

firms listed on the IPA roster. HUD would be the cognizant or oversight

agency under the Single Audit Act for these auditees. Comments on the

proposal, which was released Feb. 6, are due April 7.

Page 2

OMB Says It Will Emphasize

Improper Payment Reduction

Office of Management and Budget officials plan to emphasize to

federal agency management the importance of eliminating improper pay-

ments, and will especially target erroneous payments made in high-risk,

high-dollar programs, an OMB official told a Jan. 31 Senate subcommit-

tee hearing. Auditors conducting single audits should be alert to fraud,

abuse and improper payments in federal grant programs. In addition, the

Improper Payments Information Act requires federal agencies to identify

programs and activities susceptible to significant improper payments, es-

timate amounts improperly paid, and report on the amounts of improper

payments and their actions to reduce them. Federal agencies are expand-

ing the number of high-risk programs that are measured or audited an-

nually for improper payments and are making progress at reducing these

payments, said OMB Acting Controller Daniel Werfel.

Page 3

DHS Creating Tracking System

To Record Single Audit Resolution

To tackle its grants management challenges, the Department of

Homeland Security is establishing an audit tracking system that will

record and track resolution completion of Office of Management and

Budget Circular A-133 single audits, according to the DHS Office of

Inspector General. The agency, in a new report, said the audit tracking

system will ensure that audits are resolved in a timely manner and that

trends in audit findings are addressed. Grants management and financial

management were two of the key challenges facing the department for

fiscal year 2008. In FY 08, the DHS expects to award about $3.2 billion

for state and local preparedness expenditures and assistance to firefight-

ers. Previous inspector general’s office audits have reported on the

states’ inability to effectively manage and monitor grant funds and dem-

onstrate and measure improvements in national security.

Page 6

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