Academic journal article Journal of Accountancy

Senator Introduces Bill to Improve Single Audit Process

Academic journal article Journal of Accountancy

Senator Introduces Bill to Improve Single Audit Process

Article excerpt

Senator John Glenn (D-Ohio) has introduced a bill that would amend the Single Audit Act of 1984. The legislation, S 1579, is intended to improve financial management of federal funds and reduce paperwork burdens on state and local governments, universities and other not-for-profit organizations that receive federal assistance.

The American Institute of CPAs supports the revisions to the Act, but it has expressed some reservations about language in the bill relating to photocopies of auditor working papers. "We think this language is written too broadly, and there is concern that a federal agency could ask for copies of more than what is needed to support a specific objective," said Andrew Blossom of KPMG Peat Marwick in New York City and member of the AICPA government accounting and auditing committee. The AICPA is seeking clarification from Congress about this language in the bill.

Glenn had requested that the General Accounting Office study the implementation of the Single Audit Act and suggest any needed changes. The legislation is based on the findings of the GAO's report Single Audit: Refinements Can Improve Usefulness and was developed in cooperation with the GAO and the Office of Management and Budget. The OMB has worked with Congress to ensure revisions to Circular A-133, Audits of Institutions of Higher Education and Other Nonprofit Organizations, will be consistent with the provisions of the bill.

The bill would authorize the OMB to issue rules to implement the act and revise certain audit requirements as needed. …

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