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Ar ended June 30, 2015 in accordance with OMB Circular A-133 and the State of Vermont FY2015 Closing Instructions. It is essential that the SEFA Form is completed by the deadline in order for the auditors to perform test work as required by federal regulations. All Agencies/Departments who expend federal funds must complete the SEFA Form by the due date. This checklist should be completed prior to submitting the SEFA to Finance & Management. This Checklist does not need to be submitted to Financ.

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Each audit finding in the schedule of findings and questioned costs must include a ref- erence number in the format meeting the requirements of the data collection form submission required by §200.512(b) to allow for easy referencing of the audit findings during follow-up.

The Purpose of the SEFA The SEFA is used to determine the amounts expended for each of an organization's federal programs. As a result, the SEFA is the guide that indicates whether the threshold requiring a federal single audit has been met.

The summary schedule of prior audit findings and the corrective action plan must include the reference numbers the auditor assigns to audit findings under § 200.516(c). Since the summary schedule may include audit findings from multiple years, it must include the fiscal year in which the finding initially occurred.

The Schedule of Expenditures of Federal Awards (SEFA) is a financial statement schedule prepared by management that lists an organization's expenditures of federal assistance for the fiscal year by federal agency, grant number and amount.

There are five elements of a finding: condition. effect. cause. criteria. recommendation.

§ 200.516 Audit findings. (a) Audit findings reported. The auditor must report the following as audit findings in a schedule of findings and questioned costs: (1) Significant deficiencies and material weaknesses in internal control over major programs and significant instances of abuse relating to major programs.

There are five elements of a finding. ❑ Criteria – is the regulation or requirement. Condition – what was discovered to determine there was a finding. Cause – is the reason for the issue or simply stated the cause for the finding. Effect – is the potential risk if not corrected.

Auditees should accumulate and document key information relating to each federal program to assist in preparing the SEFA, as well as to provide to auditors. Auditees may use a documentation format that best suits their size and complexity.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232