Textbook
Guidelines for Financial and Compliance Audits of federally Assisted Programs
Federal financial assistance to State and local govern ments and other non-Federal domestic organizations has in creased from $3 billion in fiscal year 1955 to $85 billion for fiscal year 1978. This assistance is provided through a network of over 1,300 programs administered by 52 Federal departments, agencies, and commissions. The programs are carried out by 50 States, 3,000 counties, nearly 90,000 local governments, and innumerable nongovernmental organizations. When State or local governments accept funds under federally assisted programs, they assume the responsibility of carrying out the programs efficiently, economically, and effectively. This includes the responsibility of auditing the programs with the same thoroughness that State and local programs are audited.
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