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Federal law — U.S. Code and appendices · legal_authorities
This chapter shall apply to any non-Federal entity with respect to any of its fiscal years which begin after June 30, 1996.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 7506
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Source file: Laws/federal/codes/united-states-code/title-31/section-7506-effective-date--d9f596a103.md
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Source location: Title 31, Chapter 75, § 7506; chapter-075-requirements-for-single-audits.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** As used in this chapter, the term— (1) “Comptroller General” means the Comptroller General of the United States; (2) “Director” means the Director of the Office of Management and Budget; (3) “Federal agency” has the same meaning as the term “agency” in [section 551(1) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section551/1&num=0&edition=prelim); (4) “Federal awards” means Federal financial assistance and Federal cost-reimbursement contracts that non-Federal entities receive directly from Federal awarding agencies or indirectly from pass-through entities; (5) “Federal financial assistance” means assistance that non-Federal entities receive or administer in the form of grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations, or other assistance, but does not include amounts received as reimbursement for services rendered to individuals in accordance with guidance issued by the Director; (6) “Federal program” means all Federal awards to a non-Federal entity assigned a single number in the Catalog of Federal Domestic Assistance or encompassed in a group of numbers or other category as defined by the Director; (7) “generally accepted government auditing standards” means the government auditing standards issued by the Comptroller General; (8) “independent auditor” means— (A) an external State or local government auditor who meets the independence standards included in generally accepted government auditing standards; or (B) a public accountant who meets such independence standards; (9) “Indian tribe” means any Indian tribe, band, nation, or other organized group or community, including any Alaskan Native village or regional or village co
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 7501
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** (1) (A) Each non-Federal entity that expends a total amount of Federal awards equal to or in excess of $300,000 or such other amount specified by the Director under subsection (a)(3) in any fiscal year of such non-Federal entity shall have either a single audit or a program-specific audit made for such fiscal year in accordance with the requirements of this chapter. (B) Each such non-Federal entity that expends Federal awards under more than one Federal program shall undergo a single audit in accordance with the requirements of subsections (b) through (i) of this section and guidance issued by the Director under section 7505. (C) Each such non-Federal entity that expends awards under only one Federal program and is not subject to laws, regulations, or Federal award agreements that require a financial statement audit of the non-Federal entity, may elect to have a program-specific audit conducted in accordance with applicable provisions of this section and guidance issued by the Director under section 7505. (2) (A) Each non-Federal entity that expends a total amount of Federal awards of less than $300,000 or such other amount specified by the Director under subsection (a)(3) in any fiscal year of such entity, shall be exempt for such fiscal year from compliance with— (i) the audit requirements of this chapter; and (ii) any applicable requirements concerning financial audits contained in Federal statutes and regulations governing programs under which such Federal awards are provided to that non-Federal entity. (B) The provisions of subparagraph (A)(ii) of this paragraph shall not exempt a non-Federal entity from compliance with any provision of a Federal statute or regulation that requires such non-Federal entity to maintain records conce
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 7502
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Federal law — U.S. Code and appendices · legal_authorities
Page 571 TITLE 31—MONEY AND FINANCE § 7701 reported in an electronic form in accordance with the data standards established under chap- ter 64. (Added Pub. L. 98–502, § 2(a), Oct. 19, 1984, 98 Stat. 2333; amended Pub. L. 104–156, § 2, July 5, 1996, 110 Stat. 1403; Pub. L. 105–135, title VI, § 604(e)(3), Dec. 2, 1997, 111 Stat. 2634; Pub. L. 116–103, § 5(a)(2), Dec. 30, 2019, 133 Stat. 3270.) Editorial Notes AMENDMENTS 2019—Subsec. (d). Pub. L. 116–103 added subsec. (d). 1997—Subsec. (c). Pub. L. 105–135 substituted ‘‘small business concerns, qualified HUBZone small business concerns, and’’ for ‘‘small business concerns and’’. 1996—Pub. L. 104–156 reenacted section catchline without change and amended text generally, sub- stituting present provisions for similar provisions re- lating to regulations, including implementation guide- lines for regulations, criteria for determining appro- priate charges to programs of Federal financial assist- ance for cost of audits, and guidelines to ensure that small business concerns and business concerns owned and controlled by socially and economically disadvan- taged individuals have opportunity to participate in contracts awarded to fulfill audit requirements of this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of Title 15, Commerce and Trade. GUIDANCE Pub. L. 116–103, § 5(b), Dec. 30, 2019, 133 Stat. 3270, pro- vided that: ‘‘Not later than 3 years after the date of en- actment of this Act [Dec. 30, 2019], the Director [of the Office of Management and Budget] shall issue guidance requiring audit-related information reported under chapter 75 of title
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 7506
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