Transcription of CHAPTER 3 FINANCIAL OVERVIEW FINANCIAL …
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51 CHAPTER 3 FINAN CIA L OVERVIEW FINANCIAL management SYSTEMS Congress created the Single Audit Act of 1984 (Act) to improve auditing and management of federal funds provided to state and local governments. The Act requires a single organization-wide FINANCIAL and compliance audit for state and local governments. The Act is intended to promote sound FINANCIAL management , including effective internal controls, with respect to federal awards administered by state and local governments and nonprofit organizations. Internal controls encompass a system of accounting and administrative controls, including management and program policies, procedures and guidance that help ensure effective and efficient use of resources; prevention and detection of fraud, waste, and abuse, and the reliability of FINANCIAL reporting.
51 CHAPTER 3 FINANCIAL OVERVIEW FINANCIAL MANAGEMENT SYSTEMS Congress created the Single Audit Act of 1984 (Act) to improve auditing and management of
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