Single Audit: Actions Needed to Ensure That Findings Are Corrected

摘要

The Single Audit Act, as amended (Single Audit Act), is intended to promote sound financial management, including effective internal control over federal awards administered by state and local governments and nonprofit organizations. According to Office of Management and Budget (OMB) figures, these awards amounted to about $325 billion in fiscal year 2001. The audits required by the Single Audit Act are a critical element in the federal governments ability to ensure that federal funds are properly used. Each year, about 30,000 single audits are conducted with several thousand identifying weaknesses in award recipients' financial management and internal control systems. The federal government must take timely and effective action to ensure that these weaknesses are corrected, not only to help ensure effective program operations but also to help minimize improper payments--payments of federal funds that should not have been made or that were made for incorrect amounts.