Guidance 550 - Audit Reporting

The Office of Management and Budget’s uniform grant guidance requires the auditor to issue an opinion on the auditee’s financial statements, an opinion on the Schedule of Expenditures of Federal Awards in relation to the financial statements, a report on internal control over financial reporting and compliance with laws and regulation and the provisions of contracts and grant agreements and abuse that may be material to the financial statements, an opinion on compliance for each major program, a report on internal control over compliance relating to major programs and, if needed, a Schedule of Findings and Questioned Costs (SFQC) (§200.515). The American Institute of… Read More