Important information about the SRF Question 16

SRF Question 16 requires updating to recognize additional guidance provided by LSC. The OIG plans to update the SRF to add LSC Financial Guide references and Program Letter 20-4 requirements. Until the update is complete, please do not include LSC Net Assets when answering question 16. Please enter the LSC deferred revenue in your response to question 16 instead.

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Quality Control Reviews

LSC OIG performs Quality Control Reviews of the audited financial statements of LSC recipients conducted by Independent Public Accountants. The primary purpose of a Quality Control Review is to determine whether the financial statement audit work, compliance audit work, and the associated review of internal controls over both financial reporting and compliance are conducted in accordance with applicable standards and the OIG guidance.

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All audited financial statements are to be submitted to the Office of Inspector General by email. Please email a pdf version of your entire audit report to audits@oig.lsc.gov. You are not required to mail a hard-bound copy of the audit report. The deadline for submission of audited financial statements is 120 days after the recipient's fiscal year end. Please submit the Summary Report Form electronically on the OIG website.

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OIG updated the LSC OIG Audit Guide and Appendices which include the Compliance Supplement for Audits of LSC Recipients (Appendix A). These documents will be effective for audits of LSC recipient fiscal years ending on or after September 30, 2023. Questions about the LSC OIG Audit Guide or Appendices should be sent to OIG at audits@oig.lsc.gov.

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