By Industry

By Area of Interest

By Date

By Document Type

By Topic

Member Only Content

Use of a Program-Specific Audit to Satisfy OMB Circular A-133 Audit Requirements 

Section 200 of Office of Management and Budget (OMB) Circular A –133 (Circular A –133) states that when an auditee expends federal awards under only one federal program (excluding research and development) and the federal program's laws, regulations, or grant agreements do not require a financial statement audit of the auditee, the auditee may elect to have a program-specific audit performed in accordance with section 235 of Circular A –133. Therefore, the auditor should determine whether there is a financial statement audit requirement before performing a program-specific audit. A program-specific audit may not be elected for research and development unless all federal awards expended were received from the same federal agency (or the same federal agency and the same pass-through entity) and that federal agency (or pass-through entity, in the case of a subrecipient) approves a program-specific audit in advance.

Program-Specific Audit Requirements

Circular A –133 requires program-specific audits to be subject to the following sections of Circular A –133 as they may apply to program-specific audits, unless contrary to the provisions of section 235 of Circular A –133, a federal program-specific audit guide, or the program's laws and regulations:

  • Purpose, definitions, audit requirements, basis for determining the federal awards expended, subrecipient and vendor determinations, and relation to other audit requirements (sections 100 through 215(b))

  • Frequency of audits, sanctions, and audit costs (sections 220 through 230)

  • Auditee responsibilities and auditor selection (sections 300 through 305)

  • Follow-up on audit findings (section 315)

  • Submission of report (sections 320(f) through 320(j))

  • Responsibilities of federal agencies and pass-through entities and management decisions (sections 400 through 405)

*An example of a situation where a program-specific audit would not be allowed would be a not-for-profit college that receives student financial aid (SFA) (and no other federal awards). That is because the Higher Education Act of 1965, as amended, requires institutions that receive SFA to undergo an annual financial statement audit.

Copyright © 2004 by the American Institute of Certified Public Accountants, Inc., New York, New York.

Open Hide documents in this section

Page  1 2 3 4 5 >> 
Showing results 1 - 15 of 15010
Order by:

AICPA Sends Congress Recommended Legislative Changes to New Partnership Audit Regime

Press Release The AICPA has submitted to Congress a set of recommended legislative changes to the new Partnership Audit Regime enacted as part of the Bipartisan Budget Act of 2015.
Published on November 17, 2017

FVS News & Publications

News Access all of our current and archived member publications that provide guidance on current and emerging developments from the Forensic and Valuation Section.
Published on April 24, 2017

PEEC Issued Comment Letters

Comment Letter Professional Ethics Executive Committee (PEEC) Comment letters regarding ethical professional conduct to  various regulators and standard setters.
Published on April 24, 2017

SOC for Cybersecurity

Article CPAs provide cybersecurity examination services under a variety of generally accepted professional standards and approaches.
Published on April 24, 2017

Tax CPE & Learning

Overview The AICPA Tax Section schedules webcasts and events that focus on many current tax issues that impact tax practices and business and industry members. This page provides registration links and other information on upcoming learning opportunities.
Published on April 24, 2017

SOC for Cybersecurity Information for CPAs

Article Cybersecurity threats are on the rise, challenging organizations of all sizes—whether public or private. Board
Published on April 24, 2017

SOC for Service Organizations

Article SOC for Service Organizations are internal control reports on the services provide
Published on April 24, 2017

Assurance and Advisory

Overview Find information and resources to keep abreast of new and emerging reporting and assurance needs and help you embrace new service opportunities.
Published on April 24, 2017

Illustrative SOC 2 Opinion and Assertion

Sample Report This illustrative tool is intended as an example of management’s assertion and a service auditor’s report in a SOC 2 Type 2 engagement under the clarified Attestation Standards. It is an interim tool for use by practitioners while the SOC 2 guide is under revision and is subject to change
Published on April 24, 2017

Government Resource Center

Guidance The Government Resource Center helps CPAs working at the federal, state and local government levels meet the challenges of performing their work. The center has a wide variety of resources available for guidance and informational purposes.
Published on April 24, 2017

Business, Industry & Government

Home Tools and resources financial managers and executives practicing in business industry and government need to move organizations forward.
Published on April 24, 2017

Impact Award Criteria

Award This section defines the Impact Award nomination criterion including the eligibility and selection process for Outstanding CPAs in Government Impact Award winners.
Published on April 24, 2017

Career Contribution Award Criteria

Award This section defines the Career Contribution Award nomination criterion including the eligibility and selection process for the Outstanding CPAs in Government Career Contribution Award winners.
Published on April 24, 2017

CPA Examination Announcements

Article Important announcements about the CPA Exam and the Next CPA Exam including content changes, pass rates and more.
Published on April 24, 2017

The Uniform CPA Examination

Overview Welcome to the CPA Examination site!  Whether you are a candidate preparing to take the CPA Examination, a prospective candidate thinking about entering the profession, an educator, a psychometrician, or anyone else interested in the CPA Examination,  find  the information you need right here.
Published on April 24, 2017

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 15010
Show Results per page
Copyright © 2006-2017 American Institute of CPAs.