What is OMB circular a-133 Compliance Requirements?
OMB Circular A-133 requires auditors to obtain an understanding of the non-Federal entity’s internal control over Federal programs sufficient to plan the audit to support a low assessed level of control risk for major programs, plan the testing of internal control over major programs to support a low assessed level of …
What is the 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.
Are for profit entities subject to OMB a-133?
In accordance with 15 CFR 14.26 (c) and (d), for-profit hospitals, commercial, and other organizations not covered by the audit provisions of OMB Circular A-133 shall be subject to the audit requirements as stipulated in the award or sub-award document.
Who is required to get a Single Audit?
A federal single audit is required when you spend more than $750,000 of federal funds in one year, regardless of whether those federally-sourced funds came directly from the federal government or were passed through from a state or local government.
Is a 133 still applicable?
The provisions of OMB Circular A-133 are now found in Subpart F of the new Uniform Grant Guidance or “Super Circular.” Technically, Circular A-133 is no longer applicable.
Has OMB Circular A-133 been replaced?
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on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.
Is a Single Audit a yellow book audit?
The audit encompasses both financial and compliance components. Single audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC. In conjunction to any Single Audits conducted, a Yellow Book audit is also required.