7 CFR 1773.42 - Clearing accounts.

Text

---

Title 7: Agriculture

Subtitle B: Regulations of the Department of Agriculture (Continued)

CHAPTER XVII: RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (CONTINUED)

PART 1773: POLICY ON AUDITS OF RUS BORROWERS

Subpart E: RUS Required Audit Procedures and Documentation

1773.42 - Clearing accounts.

The CPA's workpapers must contain an analysis of all clearing accounts. Based upon the CPA's determination of materiality, an appropriate sample of transactions should be selected for testing. The CPA's workpapers must document that transactions were reviewed for proper allocation between expense and capital accounts.

---