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Annually, the OMB prepares a Compliance Supplement document that includes specific guidance to assist auditors in complying with the requirements necessary to perform single audits. This Compliance Supplement also includes department-specific guidance for aoditing federal award programs. For example, the Compliance Supplement includes suggested andit procedures for review- ing the effectiveness of Department of Education \"Title 1 grants to underperforming schools. These procedures include: \"Review program expenditure and other records to verify that educa- tional services that were planned were provided Considering the requirements of Uniform Guidance and the Compliance Supplement just described, respond to the following. 1. In your own words, explain why a financial statement audit, plus a performance audit, could be beneficial in the case of these local governments that recenved Department of Education Title 1 grants. 2. Generally speaking, in what circumstances is a local government subject to this single audif requirement? State-Required Performance Audits Certain states require their municipal governments and agencies to submit to periodic perfor- mance audits, which can range in their objectives and scope. For example, In New York, the Office of the State Comptroller (OSC) conducts performance audits of state agencies, public authorities, and local governments (including towns, villages, school districts, and fire districts). The focus of these audits can vary, from a review of internal controls, to a review of the entity's governance structure, to reviews of specific programs efficiency and effectiveness. The type of audit required is determined based on a risk assess- ment by the O5C. To emphasize the value of these audits, consider that in 2022, a state performance audit identified nearly $1 billion in improper payments made under the state's Medicaid program from 2015-2019. This is one of the many ongoing performance audits being conducted across the state.' Clearly, government audits can range widely in their objectives and complexity: these examples illustrate just a few of the circumstances in which government audits are required. Next, let's discuss the parties who perform government audits. Who Performs Government Audits? You may be wondering: do all government auditors work for the government? It's true that many auditors of government financial statements work for federal, state, or local governments; however, individuals in public accounting firms also frequently perform government audits. Now YOou Try 10,11