Frequently Asked Questions
Below are commonly asked questions and answers about topics covered during the VFMI.
In view of the fact that this module outlines the current Single Audit process, are there any plans for revision of any of the process as outlined by either the Single Audit Act or the OMB Circular A-133?
Yes. The Office of Management Budget has published "A Notice of Proposed Rulemaking" which outlines a process that provides states with greater flexibility in determining whether they need to submit an OMB Circular A-133 audit.
I just reviewed my state's FY 2010 Single Audit Report. The audit report's finding indicated that we are not adequately performing on-site fiscal monitoring i.e. financial and program) reviews of subrecipients' records receiving federal funds under the Perkins IV program. However, I cannot find any statutory language that says that our must perform on-site monitoring reviews. What should we do?
Our review the applicable requirements for programmatic monitoring by the State of its subrecipients contained in 34 CFR 80.40. These provisions do not mandate that the ISBE monitor its subrecipients in a particular manner, nor do they mandate use of a particular approach for selecting subrecipients for on-site monitoring. In addition, according to OMB Circular A-133 §__.400(d), a pass-through entity is required to monitor the activities of subrecipients as necessary to ensure the use of federal awards for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and the achievement of performance goals.