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Article: The new single audit
- Article from:
- The CPA Journal
- Article date:
- October 1, 1998
- Author:
CopyrightCopyright New York State Society of Certified Public Accountants Oct 1998. Provided by ProQuest LLC. (Hide copyright information)
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A risk-based approach helps auditors find the trouble spots.
For many years, single audits have been required for many governments and not-for-profit organizations. As a result of various studies and assessments made by the General Accounting Office (GAO) and the President's Council on Integrity and Efficiency (PCIE), the Single Audit Act of 1984 (the 1984 Act) was amended in 1996 (the 1996 Amendments) and the Office of Management and Budget (OMB) issued new single audit regulations in 1997. The new Federal law and regulations are effective for single audits for fiscal years beginning after June 30, 1996.
Background of the Single Audit Process
The 1984 Act-which applied to state and ...