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GAO-09-307R 1 (2009-03-13)

handle is hein.gao/gaobaanmo0001 and id is 1 raw text is: IGAO j A Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 March 13, 2009 The Honorable Thomas R. Carper Chairman The Honorable John McCain Acting Ranking Member Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security Committee on Homeland Security and Governmental Affairs United States Senate The Honorable Tom Coburn, M.D. United States Senate Subject: Single Audit: Opportunities Exist to Improve the Single Audit Process and Oversight Federal government grant awards to state and local governments and nonprofit organizations have risen substantially from $7 billion in 1960 to $500 billion budgeted in fiscal year 2009. In constant dollars,' federal grant awards rose from about $42 billion in 1960 to $500 billion in fiscal year 2009. The auditing of federal awards, including grant funds, administered by state and local governments and nonprofit organizations is intended to be a key accountability mechanism over the proper use of federal funding. 2 The President's Council on Integrity and Efficiency (PCIE)3 issued 'Constant dollar amounts reflect adjustments for inflation (e.g. the purchasing value of the $7 billion awarded in 1960 represents about $42 billion in today's fiscal year 2009 dollars). 2The Single Audit Act, as amended, requires each reporting entity that expends $500,000 or more in federal awards, including grants and other assistance, in a fiscal year to obtain an annual single audit, which includes an audit of the entity's financial statements and a schedule of the expenditure of federal awards, and review of related internal controls. 3The President's Council on Integrity and Efficiency (PCIE) and the Executive Council on Integrity and Efficiency (ECIE) were established by Executive Orders in 1981 and 1992, respectively, to continually identify, review, and discuss areas of weakness and vulnerability in Federal programs and operations to fraud, waste, and abuse. The councils were also established to develop plans for coordinated, governmentwide activities that address these problems and promote economy and efficiency in federal programs and operations. GAO-09-307R Single Audit Improvements Page 1

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