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e-CFR data is current as of October 20, 2020


2 CFR--PART 200

View Printed Federal Register page 85 FR 49574 in PDF format.

Amendment(s) published August 13, 2020, in 85 FR 49574

Effective Dates: Nov. 12, 2020

112. Amend §200.515 by revising paragraphs (a), (d)(1)(vi) through (ix), (d)(3), and (e) to read as follows:

§200.515   Audit reporting.

*   *   *   *   *

(a) Financial statements. The auditor must determine and provide an opinion (or disclaimer of opinion) whether the financial statements of the auditee are presented fairly in all materials respects in accordance with generally accepted accounting principles (or a special purpose framework such as cash, modified cash, or regulatory as required by state law). The auditor must also decide whether the schedule of expenditures of Federal awards is stated fairly in all material respects in relation to the auditee's financial statements as a whole.

*   *   *   *   *

(d) *  *  *

(1) *  *  *

(vi) A statement as to whether the audit disclosed any audit findings that the auditor is required to report under §200.516(a);

(vii) An identification of major programs by listing each individual major program; however, in the case of a cluster of programs, only the cluster name as shown on the Schedule of Expenditures of Federal Awards is required;

(viii) The dollar threshold used to distinguish between Type A and Type B programs, as described in §200.518(b)(1) or (3) when a recalculation of the Type A threshold is required for large loan or loan guarantees; and

(ix) A statement as to whether the auditee qualified as a low-risk auditee under §200.520.

*   *   *   *   *

(3) Findings and questioned costs for Federal awards which must include audit findings as defined in §200.516(a).

*   *   *   *   *

(e) Nothing in this part precludes combining of the audit reporting required by this section with the reporting required by §200.512(b) when allowed by GAGAS and appendix X to this part.

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