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A: Purpose
The following Audit Program provides information for independent, public, Federal, state or local government audit organizations in conducting financial statement audits of recipients of Rural Development loans, grants, and loan guarantees. This Audit Program includes audit-related compliance requirements for Rural Development's Rural Rental Housing Program, Community Facilities Program; Business and Industry Guaranteed Loan Program, Intermediary Relending Program, and Rural Economic Development Loan and Grants performed in accordance with generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS). Auditors conducting financial statement audits in accordance with the requirements of Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, should refer to the OMB Circular A-133 Compliance Supplement, Appendix B; as it pertains to audits of state and local governments, non-profit organizations, and Indian tribes that expend $500,000 or more in Federal funds in a fiscal year. This Audit Program is not intended to address audit requirements that are required under the Single Audit Act Amendments of 1996 and OMB Circular A-133.
The suggested audit procedures provided in this Audit Program are the minimum necessary for uniform and consistent coverage.
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