October 25, 2007
Chairman Carper, Senator Coburn, and Members of the Subcommittee, the National Association of State Boards of Accountancy (NASBA) appreciates the opportunity to offer comments relating to the President’s Council on Integrity and Efficiency (PCIE) report titled National Single Audit Sampling Project (Report).
Our testimony today will focus on the role of NASBA and State Boards of Accountancy (State Boards) as integral parties of the regulatory process, provide comments on the Report, and set forth NASBA’s suggestions relating to certain recommendations contained in the report, such as NASBA’s commitment to developing and maintaining an effective referral program for governmental agencies and State Boards. I will describe this program in detail later.
It is encouraging to note that the Report indicates that 92.9% of the Federal awards reported were acceptable and could be relied upon. This percentage reveals substantial success and should provide comfort that there is only a need to refine the Single Audit process, not initiate a complete overhaul.
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