Source: https://www.law.cornell.edu/cfr/text/7/277.17
Timestamp: 2017-01-17 21:56:40
Document Index: 762419257

Matched Legal Cases: ['art 277', '§ 277', 'art 200', 'art 400', 'art 415', 'art 200', 'art 400', 'art 415']

7 CFR 277.17 - Audit requirements. | US Law | LII / Legal Information Institute
CFR › Title 7 › Subtitle B › Chapter II › Subchapter C › Part 277 › Section 277.17 7 CFR 277.17 - Audit requirements.
§ 277.17 Audit requirements.
(a)General. This section sets forth the audit requirements for State agencies that receive FNS program funds. Audits shall be conducted on an organization-wide basis. Such audits are to determine whether:
(b)Audit standards.
(1) State agencies shall use their own procedures to arrange for independent audits, and to prescribe the scope of audits, provided that the audits comply with the requirements set forth in this section. Where contracts are awarded for audit services, the contracts shall include a reference to 2 CFR part 200, subpart F and Appendix XI, Compliance Supplement and USDA implementing regulations 2 CFR part 400 and part 415.
(c)Purpose of audit. Audits will include, at a minimum, an examination of the systems of internal control, systems established to ensure compliance with laws and regulations affecting the expenditure of Federal funds, financial transactions and accounts, and financial statements and reports of State agencies. These examinations are to determine whether:
(d)Audit coverage. A representative number of charges to Federal funds shall be tested. The test shall be representative of:
(viii) Were incurred in accordance with competitive purchasing procedures, if covered by2 CFR part 200, subpart D and USDA implementing regulations 2 CFR part 400 and part 415; and
(e)Audit report. The audit report shall include:
(f)Record retention. Work paper and reports shall be retained for a minimum of three years from the date of the audit report unless the auditor is notified in writing by the cognizant agency of the need to extend the retention period. The audit workpapers shall be made available upon request to the cognizant agency or its designees and the General Accounting Office or its designees.
(g)Cognizant agency responsibilities. The cognizant agency shall have the following responsibilities: