To collect and disseminate all information from Form SF-SAC (Data Collection
Form for Reporting on Audits of States, Local Governments, and Non-Profit organizations)
and selected associated audit reports. The project is performed on behalf of
the Office of Management and Budget and funded by major grant making Federal
Agencies. This program is mandated by the Single Audit Act Amendments of 1996
(PL 104-156), and Office of Management and Budget Circular A-133.
States, local governments, and non-profit organizations that expend $300,000
or more in federal awards must perform a Single Audit and complete Form SF-SAC
for every fiscal year they meet the dollar threshold. Collectively, these submissions
permit federal agency inspectors general and grant administrators to monitor
the use of over $400 billion annually.
Form SF-SAC contains general information on the auditee and auditor, audit
information on the entities' financial statements, and information on federal
program compliance. The reporting packages that are delivered with Form SF-SAC
contain financial statements, Schedule of Expenditures of Federal Awards, Summary
Schedule of Prior Audit Findings, Opinion on Financial Statements, Report on
Internal Control, Report on Compliance, Schedule of Findings and Questioned
Costs, and Corrective Action Plan.
Qualifying auditees must submit Form SF-SAC and the audit reporting package
annually, within nine months of the end of their audit period. Auditees are required by Federal law to submit Form SF-SAC and the reporting
package. Hard copy and an Internet filing option are available. The materials
are checked-in and data on the Form SF-SAC are keyed or captured electronically.
Edits are performed on the data and if the data are incorrect or incomplete,
the auditee is contacted to revise or augment their previous submission.
All data are provided to the public through an Internet data dissemination
system. Reporting packages are mailed to Federal grant-making agencies when
indicated on Form SF-SAC. In addition, the public has access to the reporting
packages through Freedom of Information Act requests.
The Federal Audit Clearinghouse (FAC) facilitates Federal oversight of entities
expending federal money. The FAC accomplishes this goal by being the sole source
of Single Audit information for federal agencies for the majority of auditees.
In addition, public scrutiny of Federal grants is increased by making audit
information public.
Provides timely, public information on the annual use of over $400 billion
in federal awards
Annual
Survey of State and Local Government Finances Federal Assistance
Awards Data System Consolidated Federal
Funds Report EXPLORE INFORMATION CONTINUE OVERVIEW Last revised:
Thursday, 27-Jul-2006 10:39:17 EDT
FEDERAL AUDIT CLEARINGHOUSE
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