Table of Contents
What replaced OMB Circular A-133?
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.
What is the purpose of the Compliance Supplement?
It serves to identify existing important compliance requirements that the Federal Government expects to be considered as part of a Single Audit.
What is the maximum number of compliance requirements that can be subject to audit under the 2019 Compliance Supplement?
six
In addition to usual additions, deletions, and modifications of the prior year’s Supplement, the publication continues the OMB mandate adopted in the 2019 Compliance Supplement that requires each federal agency to limit the number of compliance requirements subject to audit to six, with the exception of the Research …
How often is the Compliance Supplement updated?
On Aug. 12, 2021, the Office of Management and Budget (OMB) released the 2021 Compliance Supplement, which is updated annually. The 2021 Compliance Supplement is used by external auditors to perform single audits for fiscal years ending on or after June 30, 2021.
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.)
What is the 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.
What is the effective date of the 2020 Compliance Supplement?
On Dec. 22, 2020, the OMB released the Addendum to the 2020 Compliance Supplement, which is effective for audits of fiscal years ending June 30, 2020, and after. This supplement is to be used in conjunction with the August 2020 Compliance Requirement, with a specific focus on addressing COVID-19 implications.
What is a program specific audit?
A program audit is an audit of one federal program (such as CDBG). A program-specific audit is allowed when the grantee or subrecipient expends federal awards under only one federal program.
What is OMB A 122?
Purpose. This Circular establishes principles for determining costs of grants, contracts and other agreements with non-profit organizations. The principles are designed to provide that the Federal Government bear its fair share of costs except where restricted or prohibited by law.