22 Va. Admin. Code § 30-60-470

Current through Register Vol. 41, No. 6, November 4, 2024

Section 22VAC30-60-470 - Scope of audit report

A. The audit shall be made by an independent auditor in accordance with generally accepted government auditing standards covering financial and compliance audits.

B. The audit shall cover the entire operations of the agency or, at the option of that agency, it may cover departments, agencies or establishments that received, expended or otherwise administered federal financial assistance during the year. A series of audits of individual departments, agencies, and establishments for the same fiscal year may be considered a single audit.

C. The auditor shall determine whether:

1. The financial statements and the accompanying schedules of the agency, department, or establishment present fairly its financial position and the results of its financial operations in accordance with generally accepted accounting principles.

2. The organization has internal accounting and other control systems to provide reasonable assurance that it is managing federal financial assistance programs in compliance with applicable laws and regulations.

3. The organization has complied with laws and regulations that may have a material effect on its financial statements and on each major federal assistance program.

D. The independent public accountant shall render an opinion on three accompanying schedules: Status of Funds, Costs by Program Activity, and Status of Inventories.

22 Va. Admin. Code § 30-60-470

Derived from Virginia Register Volume 29, Issue 2, eff. October 24, 2012.

Statutory Authority

§ 51.5-131 of the Code of Virginia; 42 USC § 3001 et seq.