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covering both years, if the government so requests. It shall also <br />honor requests for biennial audits by governments that have an <br />administrative policy calling for audits less frequent than <br />annual, but only for fiscal years beginning before <br />January 1, 1987. <br />The audit shall be made by an independent auditor. <br />An independent auditor is a state or local government auditor or a <br />public accountant who meets the independence standards specified <br />in the General Accounting Office's Standards for Audit of <br />Governmental Organizations, Programs, Activities, and Functions. <br />The audit report shall state that the audit was <br />performed in accordance with the provisions of OMB Circular A-128 <br />(or A-110 as applicable). <br />( The audit report shall include: <br />A. The auditor's report on financial statements <br />and on a schedule of federal assistance; the financial statements; <br />and a schedule of federal assistance, showing the total <br />expenditures for each federal assistance program as identified in <br />the Catalog of Federal Domestic Assistance. Federal programs or <br />grants that have not been assigned a catalog number shall be <br />identified under the caption "other federal assistance". <br />B. The auditor's report on the study and <br />evaluation of internal control systems must identify the <br />organization's significant internal accounting controls, and those <br />controls designed to provide reasonable assurance that federal <br />programs are being managed in compliance with laws and <br />Page No. 11 <br />