[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1773.38]

[Page 989]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1773--POLICY ON AUDITS OF RUS BORROWERS--Table of Contents
 
       Subpart E--RUS Required Audit Procedures and Documentation
 
Sec. 1773.38  Scope of engagement.


    (a) RUS requires that the audit procedures set forth in 
Secs. 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.

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