MANAGEMENT CONTROLS AND AUDITS. WHY?. Significant dollar value Decentralized program Lack of knowledge New and emerging programs Mismanagement and abuse System complexity - merging state and federal systems. FEDERAL FINANCIAL MANAGERS INTEGRITY ACT OF 1982.
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Requires federal managers to ensure:
Federal managers may be held pecuniary liable for mismanagement of funds!
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Under the Single Audit Act, a State performs an audit of all State agencies, including the State Military Department (SMD). The audit did not specifically look at any cooperative agreements; however, each cooperative agreement was assessed its share of the audit cost.
Since the cooperative agreements were not covered The Adjutant General requested an independent audit of the cooperative agreements and also charged the audit costs to the cooperative agreements as a direct cost.
During the year the USPFO directed the Internal Review team to audit the new Youth Challenge program which has a $2.8 mil budget and is located at a remote site.
During the same fiscal year the Army Audit Agency (AAA) decided to audit the cooperative agreement program.
For which should the Federal Government pay?
Should the Youth Challenge program be audited?
Why or why not?