SDE: Office of Internal Audit - Single Audit Glossary

Office of Internal Audit - Single Audit Glossary

Single Audit Glossary
Auditee
A non-Federal (non-State) entity that expends Federal (State) awards which must be audited pursuant to the provisions of the Circular (State Single Audit Act).
 
Audit Finding
A deficiency that the auditor is required to report in the Schedule of Findings and Questioned Costs.
 
Auditor
A public accountant or a Federal, state, or local government, audit organization which meets the Government Auditing Standards (GAS).
 
Award
Federal (State) financial assistance (e.g., grants), and Federal (State) cost reimbursement contracts, including awards received from pass-through entities (PTE).
 
Catalog of Federal Domestic Assistance (CFDA)
A government wide compendium of all Federal programs, grants and other activities which provide assistance to the American public; each Federal program is identified by a unique 2-digit, 3-decimal number.
 
CFR
(see also Uniform Guidance)
The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government produced by the Office of the Federal Register (OFR) and the Government Publishing Office.
 
Compliance Requirement
A requirement which is applicable to a program and may be included in the compliance supplement requirements for the auditor to test.
 
Compliance Supplement Policy Official (Federal)
The Federal awarding agency policy official responsible for ensuring that program objectives, procedures and compliance requirements are provided to OMB for inclusion in the Supplement.
 
Compliance Supplement Agency and Program Contacts (State)
The State awarding agency policy official responsible for ensuring that program objectives, procedures and compliance requirements are provided to the Office of Policy and Management (OPM) for inclusion in the Compliance Manual.
 
Federal Audit Clearinghouse(FAC)
An agent of OMB to maintain a government wide database of Federal single audit results and reports
 
Financial Statements
Financial statements that reflect the auditee’s financial position, results of operations or changes in net assets, and where appropriate, cash flows for the fiscal year audited.
 
Government Auditing Standards (GAS)
Standards for auditing government organizations and programs issued by the United States General Accounting Office and commonly referred to as the “Yellow Book.”
 
Internal Control Over Federal (State) Programs
A process, effected by an entity’s management and other personnel, designed to provide reasonable assurance regarding proper accounting and reporting of transactions, compliance with laws and regulations, and safeguarding assets.
 
Major Program
A program that is being audited.
 
Management Decision
An evaluation made by the Federal awarding agency or pass-through entity of the audit findings and corrective action plan, and the issuance of a written decision as to what corrective action is needed.
 
Non-Federal Entity (NFE)
A state (including federally-recognized Indian tribes), local government, university, or non-profit organization.
 
Non-State Entity
A municipality, tourism district, audited agency or non-profit agency.
 
Pass-Through Entity (PTE)
A non-Federal (non-State) entity that provides a Federal (State) award to a subrecipient to carry out a Federal (State) program.
Program-Specific Audit
An audit of one Federal (State) program based on the provisions in the Circular (State Single Audit Act).
 
Recipient
A non-Federal (non-State) entity that expends Federal (State) awards received directly from a Federal awarding agency to carry out a Federal (State) program.
 
SF-SAC Form
A data collection form submitted to the Federal Audit Clearinghouse which provides information about the auditor, the auditee and its Federal programs, and the results of the audit.
 
Single Audit (Federal)
An audit of a non-Federal entity’s financial statements and Federal awards which meets the requirements of the Uniform Guidance.
 
Single Audit (State)
An audit of a non-State entity’s financial statements and State awards which meets the requirements of the State Single Audit Act.
 
Single Audit Process (Federal)
The audit process as described in the Uniform Guidance.
 
Single Audit Process (State)
The audit process as described in the State Single Audit Act.
 
State Single Audit Act
C.G.S. 4-230 through 4-236  Single Audits And Program-Specific Audits For Recipients Of State Financial Assistance. 
 
Subrecipient
A non-Federal (non-State) entity that expends Federal (State) awards from a pass-through entity to carry out a Federal (State) program; a subrecipient may also be a recipient of other Federal (State) awards directly from a Federal (State) awarding agency. 
 
Uniform Guidance
On December 26, 2013, OMB released the Uniform Guidance for Federal Awards (Uniform Guidance) (formally titled 2 CFR Chapter I, Chapter II, Part 200, et al. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule). 
 
2 CFR Part 200 Subpart E—Cost Principles supersedes 2 CFR Part 225, “Cost Principles for State, Local and Indian Tribal Governments” (OMB Circular A-87).  Pursuant to §200.110(a) - Effective/applicability date, the cost standards set forth in this part of the Uniform Guidance must become effective by December 26, 2014 unless different provisions are required by statute or approved by OMB. For the procurement standards in §§200.317-200.326, non-Federal entities may continue to comply with the procurement standards in previous OMB guidance (as previously referenced) for one fiscal year after this part goes into effect. If a non-Federal entity chooses to use the previous procurement standards for an additional fiscal year before adopting the procurement standards in the Uniform Guidance, the non-Federal entity must document this decision in their internal procurement policies.
 
2 CFR Part 200 Subpart F—Audit Requirements supersedes OMB Circular A-133.  The standards set forth in this part will apply to audits of fiscal years beginning on or after December 26, 2014.  One of the major changes included in this part is the audit threshold was increased to $750,000 in federal award expenditures.  In addition, changes were made to the major program determination process and auditees will be required to include in the SEFA the amount of federal funds provided to subrecipients.
 
2 CFR Part 200, Appendix XI — Compliance Supplement 2 CFR part 200, subpart F, describes the non-Federal entity’s responsibilities for managing Federal assistance programs (2 CFR section 200.508) and the auditor’s responsibility with respect to the scope of audit (/2 CFR section 200.514). Auditors are required to follow the provisions of 2 CFR part 200, subpart F, and the Supplement.
 

If you require further information, please contact:

Office of Internal Audit: Nora.Chapman@ct.gov
Connecticut State Department of Education
P.O. Box 2219
Hartford, CT 06145
Telephone:   (860) 713-6540
Fax:            (860) 713-7003


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Content Last Modified on 11/9/2017 2:51:41 PM