This Article talks about the overview for conducting audit as per Code of Federal Regulations CFR, standards for obtaining consistency and uniformity for the audit of Indian Government and Non-Government social bodies which are granted Aids by Government and Non-Government US agencies.
In context to audits for projects executed by Healthcare and Hospital ‘s related to Research of Antibiotics or Influenza of for any other disease or social cause, the Audit Report must be issued in accordance CFR and GAGAS. Report Emphasis on Fund Accountability Statement, internal controls, statutory compliance requirements, suggested audit procedures, management report and audit reporting requirements.
Social Agencies constantly work 24/7 to protect a nation from health, safety and security threats within and outside the country. Diseases start at home or other country, whether it is chronic or acute or curable or preventable or deliberate attack, it’s team which fights against the disease and supports communities and citizens to do the same.
In the case of US foreign GRANT to Non-Federal Agency where expend is US$ 750,000 or more during Non-Federal Agency Fiscal Year in federal Awards, then specific Audit under CFR needs to be conducted.
US federal and Non-Federal Agencies keep awarding project to different Indian organizations to help implement Global Health Security Agenda projects across the country. Project are mainly in the expansion of various disease detection networks, as well as provide resources needed to help strengthen India in overall preparedness for potential global disease threats like COVID 19 Corona Virus, EBOLA, INFLUENZA, Research on Antibiotic and much more.
In CFR Audit, Auditee responsibilities are:
Audit Report Submission
The audit must be completed, and the data collection form described in CFR. Audit Report must be submitted within the earlier of nine months after end of the audit period.
Federal Agency Responsibility:
Federal Agency provides technical audit advice and liaison assistance to auditee and auditors. Federal agency to advise auditee while procuring audit services, the objective is to obtain high quality audits. The objective of the audit and scope of the audit must be made clear and the non-federal entity must request a copy of the audit organization’s peer review report which the auditor is required to provide under GAGAS.
About the Author: Author is Gloria Jaggi, CEO of PK Chopra and Co., Chartered Accountants Auditing Accounting , Taxation and Advisory Firm. Having head office in New Delhi Connaught Place and branches in Mumbai, Ahmedabad, Kochi, Lucknow, Bangalore, Coimbatore and Gurgaon. Ms. Jaggi Joined PKC in 1995 and having history of expertise in the area of Management Advisory, Statutory Compliances, Internal Control and Compliances Audit for over 25 years. Focused on helping Foreign Companies in setting up Business in India and complying with various tax laws applicable. Building Business, Strategy Planning, NGO NPO CSR sector. She is Guest Speaker and Trainer too.