The scope of the audit shall be a financial statement audit of the Education and Labor Cabinet’s Division of Workers’ Compensation Funds and Uninsured Employers’ Fund (FUNDS) to be performed in accordance with auditing standards generally accepted in the United States of America; and the standards applicable to financial audits contained in Government Auditing Standards (GAGAS,) issued by the by the Comptroller General of the United States. This audit shall include a determination as to whether the FUNDS’ federal expenditures have met the Single Audit threshold established by the Single Audit Act and the provisions of 2 CFR 200 Uniform Administrative Requirements, Cost Principles, And Audit Requirements for Federal Awards, and the performance of a single audit in accordance with these standards, if required.
