CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (parts 1700 to 1794) > PART 1773—POLICY ON AUDITS OF RUS BORROWERS > SUBPART E—RUS Required Audit Procedures and Documentation (§1773.38 to §1773.46-1773.49) > 1773.38—Scope of engagement.

1773.38—Scope of engagement.

(a) RUS requires that the audit procedures set forth in §§ 1773.39 through 1773.45 be performed annually by the CPA during the audit of the RUS borrowers' financial statements, which audit procedures may be in addition to the conduct of a GAGAS audit.
(b) The CPA must exercise professional judgment in determining whether any auditing procedures in addition to those mandated by GAGAS or this part should be performed in order to afford a reasonable basis for rendering the auditor's report, report on compliance and on internal control over financial reporting, and management letter.

Code of Federal Regulations

[56 FR 63360, Dec. 3, 1991, as amended at 66 FR 27835, May 21, 2001]