Research Policy Analysis and Coordination
External Requirements Federal
Federal funds received by states, local governments and
Summary of Provisions
The below excerpt from Circular Subpart.500 summarizes the scope of the audit requirements:
(a) General. The audit shall be conducted in accordance with GAGAS [Generally Accepted Government Auditing Standards]. The audit shall cover the entire operations of the auditee; or, at the option of the auditee, such audit shall include a series of audits that cover departments, agencies, and other organizational units which expended or otherwise administered Federal awards during such fiscal year, provided that each such audit shall encompass the financial statements and schedule of expenditures of Federal awards for each such department, agency, and other organizational unit, which shall be considered to be a
(b) Financial statements. The auditor shall determine whether the financial statements of the auditee are presented fairly in all material respects in conformity with generally accepted accounting principles. The auditor shall also determine whether the schedule of expenditures of Federal awards is presented fairly in all material respects in relation to the auditee's financial statements taken as a whole.
(c) Internal control. (1) In addition to the requirements of GAGAS, the auditor shall perform procedures to obtain an understanding of internal control over Federal programs sufficient to plan the audit to support a low assessed level of control risk for major programs.
Primary University Responsibility
UCOP Associate Vice President and Systemwide Controller - Financial Accounting under the Chief Financial Officer
University Policy Implementation