The principles are designed to provide that the Federal Government bear its fair share of total costs, determined in accordance with generally accepted accounting principles, except where restricted or prohibited by law. Agencies are not expected to place additional restrictions on individual items of cost. Provision for profit or other increment above cost is outside the scope of this Circular. All federal awards received by the University are included within the annual State of Utah A-133, Single Audit Report. The Federal Government reviews the University's internal controls and tests for compliance with federal laws and regulations using statistical sampling.
Agencies can request expanded audits that review federal awards in greater detail.
The auditors' report includes the University's response to their findings. The report is then submitted to the University's cognizant agency, the Department of Health and Human Services, or to the contracting agency for resolution. The FAR establishes the rules for government contracting. All agencies have the opportunity to modify or further explain their agency rules in FAR supplements. We have provided only the FAR web site in this handbook.