Who is subject to OMB Circular A-133?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
When did the single audit threshold change?
The Uniform Guidance was issued in December of 2013 and goes into effect for audits of organizations with fiscal years beginning on or after January 1, 2015, which are December 31, 2015 year-end Single Audits.
Has OMB Circular A 87 been replaced?
The Cost Principles for Nonprofits (OMB Circular A-122, codified at 2 C.F.R. Part 230), State Local and Tribal Governments (OMB Circular A-87, codified at 2. C.F.R. Part 220) are also being superseded by the new provisions of the Supercircular.
What is the purpose of the Compliance Supplement?
The Compliance Supplement provides a road map that auditors must follow when performing a Single Audit (established under the Single Audit Act of 1984), and it can be used as a tool by auditees to better understand the audit process and what the auditors will be testing.
Why is it called single audit?
Why is it called a “single” audit? Before 1984, each federal grantmaking agency was required to carry out its own audit. The Single Audit Act of 1984 standardized audits for states, local and tribal governments. However, because each grant has its own unique requirements, no two audits are exactly the same.
What triggers a single audit?
What triggers the requirement for a Single Audit? Any non-federal entity that expends more than $750,000 in federal award funds during its fiscal year is required to obtain a Single Audit (or Program-specific Audit, if applicable.)
How to comment on the A-133 Compliance Supplement?
* Use the individual file in Part 4 instead of the entire A-133 Compliance Supplement document for the Special Tests related to CFDA 17.225 (Unemployement Insurance) . Users of the Compliance Supplement may send comments on the document to [email protected]. Where possible, comments should reference the applicable page numbers.
Where do I send comments to OMB Compliance Supplement?
This has been done in order to make this information as readily available as possible. OMB does not necessarily endorse these products or their companies. Users of the Compliance Supplement may send comments on the document to [email protected].
When did Office of Management and Budget revise circular no-133?
Audits of States, Local Governments, and Non-Profit Organizations (Revision of Circular No. A-133) (June 27, 2003) (2 pages, 65 KB) Revision to Office of Management and Budget Circular No.