New York Codes, Rules and Regulations
Title 17 - DEPARTMENT OF TRANSPORTATION
Chapter I - Rules Generally
Part 43 - Single Audit Pilot Program
Section 43.3 - Management representations

Universal Citation: 17 NY Comp Codes Rules and Regs ยง 43.3

Current through Register Vol. 46, No. 52, December 24, 2024

(a) When preparing "schedule of State transportation assistance expended," or the combined supplementary "schedule of expenditures of Federal awards and State transportation assistance expended," as required by section 43.2 of this Part, the auditor shall obtain representations from the appropriate management of the municipality or public authority stating the full names and addresses of the individuals responsible for the management of the project and acknowledging that said management:

(1) is responsible for compliance with the laws, regulations, and provisions of contracts and grant agreements applicable to the auditee for State transportation assistance programs;

(2) is responsible for establishing and maintaining effective internal control over financial reporting and reporting on State transportation assistance;

(3) has identified and disclosed to the auditor all laws, regulations, contracts, and grant agreements that could have any direct and material effect on the preparation of financial statements or the audits required under these regulations;

(4) has identified and disclosed to the auditor any and all known instances of material noncompliance, violations or possible violations of laws, regulations, and provisions of contracts and grant agreements whose effects should be considered for disclosure in the financial statements or the audit documents required under these regulations or as a basis for recording a loss contingency claim.

(b) The management representation described above may be obtained in the form of a separate letter signed by the same duly qualified official of the municipality or public authority who signs the management representation letter for the Federal single audit. In lieu of a separate letter, the required representations may be included in the management representation letter for the Federal single audit by including the items described in subdivision (a) of this section with appropriate specific reference to State transportation assistance programs.

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