Presentation on theme: "1 Single Audit Legislative Audit Bureau September 2009."— Presentation transcript:
1 Single Audit Legislative Audit Bureau September 2009
2 Single Audit As a condition of receiving federal funds, the State must: – meet the audit requirements of the federal “Single Audit Act” of 1984, as amended; and –meet the requirements of federal Office of Management and Budget (OMB) circular A-133. Annual audits by the Audit Bureau fulfill these requirements.
3 Single Audit Purpose Provides assurance to federal government that applicable federal laws and regulations have been followed. Analyzes whether state agencies have proper safeguards, or internal controls, to manage funds properly.
4 Total Federal Financial Assistance
5 Key Facts and Findings In fiscal year , Wisconsin administered $10.0 billion in federal financial assistance through more than 1,600 federal programs and grants. Medical Assistance is the largest single federal program administered by the State.
6 Federal Financial Assistance Administered by State Agencies
7 Typical Single Audit Findings and Recommendations Improve state agency administration of federal grant programs. Improve internal controls to help ensure proper program administration. Identify questioned or unallowable costs charged to federal grants. Identify additional federal funds the State can claim.
8 Future Single Audits The Single Audit is an important tool for ensuring accountability over federal funds. The nature of our Single Audit work is changing in response to the infusion of additional federal funds provided by the American Recovery and Reinvestment Act (ARRA).
9 Single Audit Changes Separate accountability provisions for ARRA funding. Additional grant programs to be audited. Pressure to complete Single Audits on a more timely basis and provide earlier communication of internal control deficiencies.
10 Federal Recovery Act Funding Available to States and Localities
11 Section 1512 Reporting First reports from all state governments and other ARRA recipients are required to be submitted to on October 10, Detailed information on the use of stimulus funds is required. Data are expected to be complete, accurate, and timely.
12 Program Challenges Expectations for “an unprecedented level of transparency and accountability.” Coordination needed among federal, state, and local governments. Qualified personnel needed to implement proper controls and help ensure accountability. State Auditors need “additional flexibility and funding to undertake the added Single Audit responsibilities.”
13 Single Audit Legislative Audit Bureau September 2009