rural-development · Rural Utilities Service · Rule · Published 1996-01-03 · Effective 1996-01-03 · 61 FR 104
Document
Document number
96-93
Federal Register citation
61 FR 104
CFR reference
7 CFR 1773
Type
Rule
Action
Interim final rule with request for comments.
Category
rural-development
Sub-agency
Rural Utilities Service
Publication date
1996-01-03
Effective date
1996-01-03
Abstract
The Rural Utilities Service (RUS) hereby amends its regulations on audits of RUS borrowers. This rule incorporates changes to the audit regulations necessitated by the 1994 revision of Government Auditing Standards (GAGAS), issued by the Comptroller General of the United States, United States General Accounting Office (GAO), effective for financial audits of periods ending on or after January 1, 1995 and by Statement on Auditing Standards (SAS) No. 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance, issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), effective for fiscal periods ending after December 31, 1994. This rule also clarifies the peer review requirements for certified public accountants (CPA) performing audits of RUS borrowers.