[Federal Register: July 18, 2001 (Volume 66, Number 138)]
[Rules and Regulations]
[Page 37406]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18jy01-4]
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DEPARTMENT OF AGRICULTURE
Rural Utilities Service
7 CFR Part 1773
RIN 0572-AB62
Policy on Audits of RUS Borrowers; Generally Accepted Government
Auditing Standards (GAGAS)
AGENCY: Rural Utilities Service, USDA.
ACTION: Notice of confirmation of direct final rule.
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SUMMARY: The Rural Utilities Service (RUS) hereby gives notice that no
adverse comments were received regarding the direct final rule 7 CFR
part 1773, Policy on Audits of RUS Borrowers; Generally Accepted
Government Auditing Standards (GAGAS), and confirms the effective date
of the direct final rule.
DATES: The direct final rule published in the Federal Register on May
21, 2001 (66 FR 27833) is effective July 5, 2001.
FOR FURTHER INFORMATION CONTACT: Richard Annan, Chief, Technical
Accounting and Auditing Staff, Program Accounting Services Division,
Rural Utilities Service, U.S. Department of Agriculture, 1400
Independence Ave., SW., STOP 1523, Washington, DC 20250-1523.
Telephone: 202-720-5227.
Background
The rule amends Part 1773 to incorporate two amendments to
Generally Accepted Government Auditing Standards (GAGAS) adopted in
1999 by the General Accounting Office. Among other requirements the
GAGAS amendments require the auditor to document in the working papers
the basis for assessing risk when certain assertions are significantly
dependent on computerized information systems; expands the requirements
for the auditor's communication with the borrower; replaces the term
irregularities with the term fraud; and requires the auditor to
emphasize in the auditor's report the importance of the report on
compliance and on internal control over financial reporting. In
addition to the GAGAS amendments, this rule corrects errors and
omissions in previous versions of Part 1773.
Confirmation of Effective Date
This is to confirm the effective date of July 5, 2001, of the
direct final rule, 7 CFR Part 1773, Policy on Audits of RUS Borrowers;
Generally Accepted Government Auditing Standards (GAGAS), published in
the Federal Register on May 21, 2001, at 66 FR 27833.
Dated: July 12, 2001.
Blaine D. Stockton,
Acting Administrator, Rural Utilities Service.
[FR Doc. 01-17932 Filed 7-17-01; 8:45 am]
BILLING CODE 3410-15-P
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