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B-146285 1 (1979-03-23)

handle is hein.gao/gaobactzt0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WAWSHINGTON, D.C, 20545 Do not DA nvanable to u9lio rending 1 OFFICc OF CKNERAL COUNSEL MAR 2e3 1979 EB-146280 .i Mr. IRoderic A. Sherman, CPA . Gordon & Sherman * DrawerA . 26 State Street Montpelier, Vermont 05602 Dear Mr. Sherman: *1 This responds to your request to Mr. Staats for clarification of the audit requirement in the State and Local Fiscal AsMstance Act of 1972, as amended, 31 U.S.c. 1221 et seq. (1976) (flevetWe SharingAct). Specifically, you wish to know wierier an audit would be required if a * recipient government's entitlement is less than $25, 000 for any'of the fiscal years within any given 3-year period during which an audit is required by the Act. While you are not entitled by statute to a formal decision by the Comptroller General, we are happy to furnish you with the following information. The purpose of the Revenue Sharing Act is to provide State goern- ments and units of local government with a specified portion of Federal individual income tax collections to be- used by them in accordance with local needs. With regard to the audit requirement, the Act provides that: * Each State government and unit of local government which exp ects to receive funds under subehapter I of , this chapter for any'entitlement period beginning on or after`'January 1, 1977 (other than a government to which an election under paragraph (2) applies with respect to such eititlement period), shall have an independent auditof its financihl statements conducted for the purpose of determining conipliance with this chapter, in accordance with generally accepted auditing standards., not less often than once every 3 years. 31 U.S. C. § 1243(c)(1). This requirement does not ap'ply (except where an audit is required by State or local law),to a State government or unit or local government- bEST DOCUMENT AVAILABLE . I I F 1 I- I

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