Playing by the Rules: A Handbook for CDBG ... - City of El Cajon

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Playing by the Rules A Handbook for CDBG Subrecipients on Administrative Systems Exercise for Chapter 7.0 — Audits Circle the Correct Answer 1. A non-profit subrecipient that has expended $35,000 in Federal financial assistance in a year from multiple Federal programs must have: (a) (b) (c) (d) An audit of its entire operations. A program-specific financial audit for each Federal award. Either (a) or (b). No audit is required. 2. A non-profit subrecipient that has expended a total of $550,000 in Federal financial assistance in a single year, but only from one Federal program, must have: (a) (b) (c) An audit of its entire operations. A program-specific financial audit for the Federal award. Either (a) or (b). 3. Which of the following are necessary components of a financial audit report under the Single Audit Act (a) (b) (c) (d) (e) (f) An organizational chart or description of the entity’s organizational structure. Financial statements and schedule of Federal assistance. An inventory of non-disposable property. An itemization of personnel positions and salaries. An evaluation of internal control systems. A report on compliance. (g) An assessment of the entity’s efficiency and effectiveness in its operation of the Federal program(s). 4. A subrecipient may procure independent audit services from any source of its choosing. Chapter 7–9
Playing by the Rules A Handbook for CDBG Subrecipients on Administrative Systems TRUE FALSE 5. Cost considerations must be the dominant factor in the selection of auditors. TRUE FALSE 6. Since the Single Audit Act mandates a single audit for non-profit subrecipients that expend a total of $500,000 or more in a single year from multiple Federal programs, the non-profit can charge the full cost of the audit to those Federal programs. TRUE FALSE The answers are on next page. Chapter 7–10
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Playing by the Rules: A Handbook for CDBG ... - City of El Cajon

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