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Single audit quality under scrutiny. (Audit Practitioner Alert).

Firms that conduct audits for organizations receiving federal awards should be aware of recent industry, regulatory and professional developments in performing single audits. Most notably, the quality of audits performed in accordance with Circular A-133 and the Single Audit Act Amendments of 1996 (the Single Audit Act) have come under scrutiny.

Several federal agencies' Offices of Inspectors' General recently have expressed concerns about the quality of these audits during congressional oversight hearings on the Single Audit Act.

Together with other federal agencies, they announced their intent to consider developing a comprehensive, statistically based benchmark measure of single audit quality and to continue to monitor audit quality over time.

Some agencies soon will begin to measure the quality of audits submitted to the Federal Audit Clearinghouse or single audits.

OIG findings of substandard audits will result in referrals to state licensing officials and, if they are members, to the AICPA for disciplinary action.

Recent peer reviews and AICPA disciplinary investigations also have found deficiencies in single audits. Deficiencies detected through the disciplinary process could result in published suspensions or expulsions from the AICPA.

CalCPA and the AICPA urge firms that conduct audits to consider their quality control policies and procedures applicable to Circular A-133 single audits.

Members with questions about single audits should call CalCPA's Accounting and Auditing Hotline at (800) 922-5272, ext. 2355 or fax (650) 802-2350.

To view some commonly noted deficiencies in conducting single audits go to www.calcpa.org/members/knowledge/articles/singleauditquality.html.
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Title Annotation:regulations United States
Publication:California CPA
Article Type:Brief Article
Geographic Code:1USA
Date:Dec 1, 2002
Words:247
Previous Article:Considering the profession's future.
Next Article:AICPA gets out of standards-setting business. (AICPA News).
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