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State DOT Financial Auditing Requirements for Public Transportation Assistance Programs (2012) / Chapter Skim
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Appendix C
Pages 25-36

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From page 25...
... The specific procedures performed for each sub-recipient will be determined based upon an assessment of perceived risks. Audit Preparation Includes: • Review the sub-recipient's financial statements.
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From page 26...
... To Determine Adequacy and Reliability of the Sub-Recipient's Internal Controls over Program Revenue: • Identify the sources of the contract revenue by reviewing the sub-recipient's contracts. • Compare the contractually obligated amounts with revenues reported to ensure all revenue billed is accurate, complies with the contract, and has been received.
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From page 27...
... , Cost Principles for State, Local and Indian Tribal Governments and program specific regulations. (Note: applicable OMB Circular may differ if entity is not a local government.)
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From page 28...
... • Verify the relationship between the sub-recipient's actual financial performance and that projected in the cost allocation plan. • Test direct and indirect costs for consistent treatment.
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From page 29...
... Yes No If so, please enclose a copy of your most recent audited financial report with your response.
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From page 30...
... INDIRECT COSTS 11. Does the organization have an indirect cost allocation plan or a negotiated indirect cost rate approved by the cognizant agency?
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From page 31...
... PROCUREMENT 18. Does your agency maintain records of all procurements greater than $5000, including copies of bid/proposal specifications, bid/proposal selection and award procedures, sole-source justification, contract and contract amendments, payments, contract management and closeout procures?
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From page 35...
... OAR schedules (other operating programs, e.g., JARC service revenue reports) Operating assistance calculation Comments and recommendations This list of topics is based on the Audit Guide for Transportation Authorities and Agencies in Michigan (revised July 2007)
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From page 36...
... COPYRIGHT InfORmaTIOn Authors herein are responsible for the authenticity of their materials and for obtaining written permissions from publishers or persons who own the copyright to any previously published or copyrighted material used herein. Cooperative Research Programs (CRP)
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Key Terms

  • determine adequacy
  • cost allocation
  • allocation plan
  • audit guide
  • operating programs

  • civil rights
  • indirect costs
  • oar schedules
  • transportation research
  • entire financial

  • financial reports
  • indirect cost
  • rural transit
  • corrective action
  • agency maintain

  • independent public
  • contractually obligated
  • regular service
  • research board
  • transportation authorities

  • indian tribal
  • agency credit
  • tribal governments
  • omb circular
  • internal controls

  • service revenue
  • transit funds
  • rights compliance
  • governmental agency
  • approving financial


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