17 CRR-NY 43.5NY-CRR
17 CRR-NY 43.5
17 CRR-NY 43.5
43.5 Auditor's report.
The independent auditor shall include the following as part of the reporting package for the Federal single audit, or as a separate State reporting package:
(a) auditor's opinion on the supplementary "schedule of State transportation assistance expended." The independent auditor shall include the following in the report on the municipality's or public authority's financial statements:
(1) a description of the accompanying supplementary "schedule of State transportation assistance expended" (or a combined supplement "schedule of expenditures of Federal awards and State transportation assistance expended.") This identification may be by descriptive title or by page number or reference to the schedule; and
(2) a statement that the accompanying supplementary information, including the supplementary "schedule of State transportation assistance expended" (or a combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended") is presented for purposes of additional analysis and is not a required part of the financial statements;
(3) an opinion on whether the accompanying supplementary "schedule of State transportation assistance expended" (or a combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended") is fairly stated, in all material respects, in relation to the financial statements taken as a whole; and
(4) either the supplementary "schedule of State transportation assistance expended", a combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended" incorporated in the report issued to meet the Federal single audit requirements, or a separate report on the supplementary "schedule of State transportation assistance expended" may be issued;
(b) auditor's report on compliance with requirements applicable to State transportation assistance programs. The auditor shall provide an opinion on the municipality's or public authority's compliance with applicable State laws, rules, regulations and contract provisions in the administration of programs, projects, contracts and grants funded in whole or in part with State transportation assistance funds;
(c) auditor's report on the municipality's or public authority's internal controls over compliance. The auditor shall provide a report on internal controls over compliance with the requirements of laws, regulations, contracts and grants applicable to State transportation funded programs that could have a direct and material effect on a State transportation funded program. The auditor's report on compliance with requirements applicable to State transportation assistance programs as described in subdivision (b) of this section and the auditor's report on internal controls over compliance may be combined.
(d) a schedule of findings and questioned costs for state transportation assistance programs. The schedule shall include:
(1) a summary of audit results including, where applicable, a statement that reportable conditions in internal control were disclosed by the audit and whether such conditions are material to the supplementary "schedule of State transportation assistance expended" or the combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended";
(2) a statement on whether the audit disclosed any non-compliance with State transportation assistance programs that is material to the supplementary "schedule of State transportation assistance expended" or the combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended":
(3) the status of current and prior material findings, known questioned costs and recommendations that affect the current audit of the supplementary "schedule of transportation assistance expended" or the combined supplementary "schedule of expenditure of Federal awards and State transportation assistance expended)";
(4) the auditee's corrective action plan for reportable conditions, material non-compliance and known questioned costs for State transportation assistance programs, including a summary of follow-up actions by the auditee and auditor for prior years' findings;
(5) known questioned costs that are greater than $10,000 and known questioned costs when likely questioned costs are greater than $10,000 for a type of compliance requirements;
(6) known fraud affecting State transportation assistance expended, unless such fraud is otherwise reported as an audit finding in the schedule of findings and questioned costs. The auditor is not required to make an additional reporting when the auditor confirms that the fraud was reported to the municipality's or public authority's management and the New York State Department of Transportation by other means of communication outside of the auditors' reports;
(7) instances where the results of audit follow-up procedures disclosed that prior reporting on the status of current and material findings, as described above, materially misrepresents the status of any prior audit finding or corrective action.
17 CRR-NY 43.5
Current through December 15, 2021
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