22 Va. Admin. Code § 30-60-450 - Area Agencies on Aging retain own independent public accountants
A. Each Area Agency
on Aging shall retain its own public accountant, who is sufficiently
independent of those who authorize the expenditure of federal funds, to produce
unbiased opinions, conclusions, or judgments. The auditor shall meet the
independence criteria established in Chapter 3 of the Government Auditing
Standards, as amended, (the Yellow Book) published by the U.S. General
Accounting Office.
B. In arranging
for audit services, an Area Agency on Aging shall follow procurement standards
for retaining professional services. Small audit firms and audit firms owned
and controlled by minority individuals shall have the maximum practical
opportunity to participate in audit contracts awarded.
C. In soliciting and retaining auditors to
conduct the annual audit, an Area Agency on Aging must make specific reference
in their request for proposals and any resulting subcontract that the auditor
shall be required to conform the audit to the requirements in Audits of States,
Local Governments, and Nonprofit Organizations, OMB Circular A-133; and the
Uniform Administrative Requirements for Grants and Agreements with Institutions
of Higher Education, Hospitals, and Other Nonprofit Organizations, OMB Circular
A-110, as applicable. This would relate to the scope of the audit, standardized
audit report, reportable events, monitoring by the Virginia Department for
Aging and Rehabilitative Services and quality assurance review, access to audit
work papers, plan for corrective action, and resolution of audit
findings.
D. The audit solicitation
and any resulting contract for audit services shall make specific reference
that "if it is determined that the contractor's audit work was unacceptable as
determined by the Virginia Department for Aging and Rehabilitative Services or
a federal supervisory agency, either before or after a reasonable time after a
draft or final report was issued, because it did not meet the Virginia
Department for Aging and Rehabilitative Services' standards, the AICPA
Standards, or those promulgated by the Comptroller General of the United
States, the contractor may, at the area agency's written request, be required
to reaudit at its own expense and resubmit a revised audit report which is
acceptable."
Notes
Statutory Authority: § 51.5-131 of the Code of Virginia; 42 USC § 3001 et seq.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.