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    "question_id": "4270930",
    "url": "\/study-help\/questions\/assume-you-are-a-staff-auditor-employed-by-hart-reed-4270930",
    "question_creation_date_js": "2024-06-28T08:14:45-04:00",
    "question_creation_date": "Jun 28, 2024 08:14 AM",
    "meta_title": "[Solved] Assume you are a staff auditor employed b | SolutionInn",
    "meta_description": "Answer of - Assume you are a staff auditor employed by Hart, Reed, and Yates LLP (hereafter HR&Y), a large, regional public accoun | SolutionInn",
    "meta_keywords": "assume,staff,auditor,employed,hart,reed,yates,llp,hr,y,large,regional",
    "question_title_h1": "Assume you are a staff auditor employed by Hart, Reed, and Yates LLP (hereafter HR&Y), a large, regional public accounting firm. Because local governments typically",
    "question_title": "Assume you are a staff auditor employed by Hart, Reed, and Yates",
    "question_title_for_js_snippet": "Assume you are a staff auditor employed by Hart, Reed, and Yates LLP (hereafter HR Y), a large, regional public accounting firm  Because local governments typically have a June 30 fiscal year end, HR Y accepts government audits during the traditionally slower audit season of summer  As a result, HR Y audits several large municipalities in the state  The municipal audit fees represent approximately 35  of the firm's auditing revenues  You have recently been assigned to work on the compliance portion of the single audit of Sagebrush City, a mid sized municipality in Texas  You have never worked on the audit of a state or local government and are unfamiliar with the requirements of the Single Audit Act or with federal regulations regarding tests of compliance  An engagement under the Single Audit Act involves testing and reporting on compliance with federal laws for entities that receive federal financial assistance, along with an audit of the basic (general purpose) financial statements  Recipients of federal funds include states, counties, non profits, and municipalities  The federal government requires single audits to ensure that federal monies are properly spent by grant recipients  For example, a government that administers a Federal Food Stamps grant must have policies and procedures in place to make certain that only persons who are eligible for food stamps actually receive the benefit  To determine whether a person is eligible, an auditor might test the application file of someone currently receiving food stamps to ensure that established criteria are being met  During a planning meeting for the Sagebrush City audit, the audit manager on the engagement, Sarah Miller, informed you that few auditors at HR Y had knowledge of governmental auditing before they were put on municipal engagements  According to Sarah, most collegiate accounting programs she knew of only briefly discussed audit requirements for federal programs, despite the fact that government audits account for a substantial proportion of the audit revenue generated by many accounting firms  She told you that while public accountants performed about 6,000 audits of publicly held corporations each year, they perform over 35,000 single audits under the OMB Uniform Grant Guidance and the Compliance Supplement  Sarah also gave you the following background information to help you obtain an understanding of a municipal audit Question Requirement  To better help you in understanding the reporting requirements of a SLG, your manager, Sarah Miller, wants you to obtain the most recent single audit report for a state or local government and provide a web address for the report  To confirm your understanding, Sarah wants you to prepare a memorandum describing the major components of the single audit report, including the following  a)identification and description of the major sections of the report  b)discussion as to whether all SAA reporting requirements are met (refer to Figure 1)  c)the total dollar amount of federal financial assistance expended by the government  d)identification of Type A programs, and e) the dollar amount used for distinguishing between Program A and Program B grants",
    "question_description": "Assume you are a staff auditor employed by Hart, Reed, and Yates LLP (hereafter HR&Y), a large, regional public accounting firm. Because local governments typically have a June 30 fiscal year end, HR&Y accepts government audits during the traditionally slower audit season of summer. As a result, HR&Y audits several large municipalities in the state. The municipal audit fees represent approximately 35% of the firm's auditing revenues. You have recently been assigned to work on the compliance portion of the single audit of Sagebrush City, a mid-sized municipality in Texas. You have never worked on the audit of a state or local government and are unfamiliar with the requirements of the Single Audit Act or with federal regulations regarding tests of compliance. An engagement under the Single Audit Act involves testing and reporting on compliance with federal laws for entities that receive federal financial assistance, along with an audit of the basic (general purpose) financial statements. Recipients of federal funds include states, counties, non-profits, and municipalities. The federal government requires single audits to ensure that federal monies are properly spent by grant recipients. For example, a government that administers a Federal Food Stamps grant must have policies and procedures in place to make certain that only persons who are eligible for food stamps actually receive the benefit. To determine whether a person is eligible, an auditor might test the application file of someone currently receiving food stamps to ensure that established criteria are being met. During a planning meeting for the Sagebrush City audit, the audit manager on the engagement, Sarah Miller, informed you that few auditors at HR&Y had knowledge of governmental auditing before they were put on municipal engagements. According to Sarah, most collegiate accounting programs she knew of only briefly discussed audit requirements for federal programs, despite the fact that government audits account for a substantial proportion of the audit revenue generated by many accounting firms. She told you that while public accountants performed about 6,000 audits of publicly-held corporations each year, they perform over 35,000 single audits under the OMB Uniform Grant Guidance and the Compliance Supplement. Sarah also gave you the following background information to help you obtain an understanding of a municipal audit Question\/Requirement: To better help you in understanding the reporting requirements of a SLG, your manager, Sarah Miller, wants you to obtain the most recent single audit report for a state or local government and provide a web address for the report. To confirm your understanding, Sarah wants you to prepare a memorandum describing the major components of the single audit report, including the following: a)identification and description of the major sections of the report; b)discussion as to whether all SAA reporting requirements are met (refer to Figure 1); c)the total dollar amount of federal financial assistance expended by the government; d)identification of Type A programs, and e) the dollar amount used for distinguishing between Program A and Program B grants",
    "transcribed_text": "",
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        "isbn": "538476125, 978-0538476126",
        "edition": "4th Edition",
        "authors": "Christian Albright, Wayne Winston, Christopher Zappe",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/415.jpg",
        "uri": "\/textbooks\/data-analysis-and-decision-making-4th-edition-415",
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    "question_posted": "2024-06-28 08:14:45",
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