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Reporting and Auditing Requirements –TNInvestco Organizations - Section H 3. The financial report must include a Schedule of Pacing Requirements (See Appendix A). 3.4.For those entities that net the reimbursements and proceeds, an additional schedule showing the detail of the reimbursements and proceeds that would have otherwise been reported as revenues and expenses must be included in the financial report. This schedule must be opined on as supplemental information. 4.5.An opinion on whether any accompanying information is fairly stated in all material respects in relation to the basic financial statements taken as a whole is preferred required for ALL supplementary information. H-2
SECTION I REPORTING AND AUDITING REQUIREMENTS PROGRAM SPECIFIC AUDITS Background The Comptroller of the Treasury requires that program-specific audits of state funds, when approved, be conducted in accordance with Government Auditing Standards (Yellow Book). Program specific audits of federal funds must be approved by the grantor and the Comptroller’s Office. The financial report would normally include similar information as is required for state funds, except that the yellow book internal control and compliance report would be omitted and the A133 report on compliance and internal control would be issued. Care needs to be taken to ensure that any additional requirements of the federal granting agency are complied with. There are two basic reporting options, and the option that will be used must be agreed upon by the entity, grantor and Comptroller’s Office prior to executing a Contract to Audit Accounts. The Contract to Audit Accounts should reference the option approved in the special provisions section of the Contract to Audit Accounts. Any program specific audit submitted to the Comptroller’s Office that has not been preapproved will not be accepted. Reporting Option 1 The basic report outline is: • the independent auditor’s report; • a detailed schedule of revenues and expenditures (expenses); • (This schedule can be structured to double as the schedule of expenditures of state/federal awards) • a schedule of expenditures of federal awards and state financial assistance (if the option in the previous item is not implemented); • a yellow book report on internal control and compliance and/or an OMB Circular A-133 report on internal control and compliance, as appropriate. Option 2 I-1
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S T A T E O F T E N N E S S E E DEP
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SPECIAL PURPOSE GOVERNMENTS (INCLUD
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Trust Funds - Procedures IJ-5 Resid
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PREFACE This audit manual supersede
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Introduction This manual sets forth
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Laws and Regulations - Section APP.
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APPENDIX E MISCELLANEOUS Audit Proc
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Miscellaneous - Section APP.E APP.E
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47 Miscellaneous - Section APP.E AP
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EXAMPLE OF A PROPOSAL EVALUATION ME
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