Academic journal article Journal of Accountancy

Single Audit Guidance Due This Spring

Academic journal article Journal of Accountancy

Single Audit Guidance Due This Spring

Article excerpt

The Office of Management and Budget (OMB) is expected to issue a final revision to Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, by April or May, according to Sheila O. Conley, OMB policy analyst. Under the Single Audit Act Amendments of 1996 (see "Auditing Federal Awards: A New Approach," JofA, Nov.96, page 53), OMB Circular A-128, Audits of State and Local Governments, was consolidated with the recently revised OMB circular A-133 for not-for-profit organizations. The proposed revisions to circular A-133 encompass both sets of entities that receive federal awards.

Besides the inclusion of state and local governments, the most significant changes for auditors in the proposed revisions include requirements for the auditor to prepare and sign a data collection form and the testing and reporting on the allowability of costs charged to cost pools.

Under the proposed revisions, the auditor would be required to prepare a data collection form and sign it as the preparer for use by the federal government as a basis for developing a database on federal awards and for use by the federal clearinghouse and pass-through entities in lieu of sending the full single audit report. There is concern in the audit community that this would increase audit costs and the auditor's liability exposure. …

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