CHANROBLES VIRTUAL LAW LIBRARY

ChanRobles™ Virtual Law Library | chanrobles.com™  
Main Index ChanRobles LawTube - Social Network Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Supreme Court Jurisprudence United States Laws, Statutes & Codes

US LAWS, STATUTES & CODES ON-LINE

ChanRobles On-Line Bar Review

supreme.chanrobles.com


google search for chanrobles.comSearch for www.chanrobles.com

§ 7503. —  Relation to other audit requirements. - US § 7503. —  Relation to other audit requirements. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY


[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
  January 7, 2003 and December 19, 2003]
[CITE: 31USC7503]

 
                       TITLE 31--MONEY AND FINANCE
 
              SUBTITLE V--GENERAL ASSISTANCE ADMINISTRATION
 
               CHAPTER 75--REQUIREMENTS FOR SINGLE AUDITS
 
Sec. 7503. Relation to other audit requirements

    (a) An audit conducted in accordance with this chapter shall be in 
lieu of any financial audit of Federal awards which a non-Federal entity 
is required to undergo under any other Federal law or regulation. To the 
extent that such audit provides a Federal agency with the information it 
requires to carry out its responsibilities under Federal law or 
regulation, a Federal agency shall rely upon and use that information.
    (b) Notwithstanding subsection (a), a Federal agency may conduct or 
arrange for additional audits which are necessary to carry out its 
responsibilities under Federal law or regulation. The provisions of this 
chapter do not authorize any non-Federal entity (or subrecipient 
thereof) to constrain, in any manner, such agency from carrying out or 
arranging for such additional audits, except that the Federal agency 
shall plan such audits to not be duplicative of other audits of Federal 
awards.
    (c) The provisions of this chapter do not limit the authority of 
Federal agencies to conduct, or arrange for the conduct of, audits and 
evaluations of Federal awards, nor limit the authority of any Federal 
agency Inspector General or other Federal official.
    (d) Subsection (a) shall apply to a non-Federal entity which 
undergoes an audit in accordance with this chapter even though it is not 
required by section 7502(a) to have such an audit.
    (e) A Federal agency that provides Federal awards and conducts or 
arranges for audits of non-Federal entities receiving such awards that 
are in addition to the audits of non-Federal entities conducted pursuant 
to this chapter shall, consistent with other applicable law, arrange for 
funding the full cost of such additional audits. Any such additional 
audits shall be coordinated with the Federal agency determined under 
criteria issued under section 7504 to preclude duplication of the audits 
conducted pursuant to this chapter or other additional audits.
    (f) Upon request by a Federal agency or the Comptroller General, any 
independent auditor conducting an audit pursuant to this chapter shall 
make the auditor's working papers available to the Federal agency or the 
Comptroller General as part of a quality review, to resolve audit 
findings, or to carry out oversight responsibilities consistent with the 
purposes of this chapter. Such access to auditor's working papers shall 
include the right to obtain copies.

(Added Pub. L. 98-502, Sec. 2(a), Oct. 19, 1984, 98 Stat. 2332; amended 
Pub. L. 103-272, Sec. 4(f)(1)(X), July 5, 1994, 108 Stat. 1363; Pub. L. 
104-156, Sec. 2, July 5, 1996, 110 Stat. 1401.)


                               Amendments

    1996--Pub. L. 104-156 reenacted section catchline without change and 
amended text generally, substituting present provisions for similar 
provisions relating to other audit requirements, including compliance 
and evaluation audits of individual Federal assistance programs, audits 
by State and local governmental entities, and provisions requiring 
Federal agencies to arrange for funding cost of conducting audits that 
are in addition to audits required by this chapter.
    1994--Subsec. (a). Pub. L. 103-272 substituted ``extent'' for 
``extend'' in second sentence.

                  Section Referred to in Other Sections

    This section is referred to in title 49 section 47107.




Back

Chan Robles Virtual Law Library

google search for chanrobles.com Search for www.chanrobles.com









cralaw

  Copyright©1998- present | chanrobles.com   Disclaimer   E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
nad