What is an A-133 single audit?
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.
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. However, because each grant has its own unique requirements, no two audits are exactly the same.
What replaced OMB Circular A 21?
Circular A-21 was last amended in 1991 and 1993 (56 FR 50224 of 10/1/91 and 58 FR 39996 of 7/15/93, respectively).
What replaced OMB Circular A 122?
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. Additionally, the provisions of OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, are superseded by the Supercircular.
What is OMB Circular A-133?
In 1990 OMB Circular A-133 was issued where the Single Audit Act was expanded to cover non- profit organizations including Institutes of Higher Education (IHEs) who received over a dollar threshold. With the issuance of the Uniform Guidance (2 CFR 200) in December 2014, the Single Audit Act
What are the changes to the OMB A-133 single audit?
The OMB released the changes in December 2013 in its guidelines, “ Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ” (Uniform Grant Guidance). The changes reflect some of the most significant reporting updates for organizations that receive federal grants since the creation of the A-133 Single Audit.
What is the new A-133 Super circular?
Eight OMB Circulars, including A-133, have been combined into one “super circular” that takes effect for organizations beginning with December 31, 2015 year-ends. Now considered Subpart F of the Uniform Grant Guidance, A-133 requirements underwent a number of changes to allow for more regulatory focus on larger, riskier programs and organizations.
What is circcircular A-133’s Single Audit threshold?
Circular A-133’s Single Audit requirement threshold was raised from $300,000 to $500,000 in 2004, but the Type A/B threshold was not adjusted at that time. This new threshold more closely resembles the threshold change in the Single Audit requirement.