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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.

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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

Affordable Care Act (ACA) - Tax Resources for CPAs

Overview In order to assist members with navigating this new aspect of the provision, we have compiled a variety of materials directly related to complying with the employer mandate and individual reporting requirements under the provisions of the Affordable Care Act (ACA). This page offers guidance, practice aids, tools, external resources,
Published on June 27, 2017

PCPS CPA Firm Top Issues Survey

Survey The PCPS CPA Firm Top Issues Survey is a biennial study that provides a unique look at the most significant challenges facing practitioners across the country. The survey consists of the top issues lists  for sole practitioners, firms with 2 to 5 professionals, 6 to 10 professionals, 11 to 20 professionals
Published on June 27, 2017

PCPS

Overview The PCPS Firm Practice Management Center supports CPA firms in the everyday intricacies of running a practice.
Published on June 27, 2017

Not-for-Profit Section

Overview The Not-for-Profit Section of AICPA is a community for not-for-profit professionals and their business advisors.
Published on June 27, 2017

Financial Reporting Executive Committee

Article The Financial Reporting Executive Committee (FinREC) is a senior committee of the Institute for financial reporting. Find information about activities, members and meetings here.
Published on June 27, 2017

AICPA W-9 Form PDF

Form The AICPA provides this W-9 online as a matter of convenience.  For further inquiries please contact the AICPA Member Service Center at 888.777.7077 or email service@aicpa.org.
Published on June 27, 2017

Tax Store

Publication Through CPA.com, a subsidiary of the AICPA, the tax section offers many tax-related products for section and AICPA members. Learn more by visiting www.aicpastore.com/tax.
Published on June 27, 2017

Inside Information Newsletter

Article Current issues of Inside Information
Published on June 27, 2017

Inside Information - July 2017

Article July 2017 issue of Bob Veres' Inside Information
Published on June 27, 2017

American Institute of CPAs

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Published on June 27, 2017

Tax

Overview AICPA is committed to promoting CPAs as the most trusted professional and premier providers of tax services. We offer information and resources related to tax return planning, preparation, examination and representation, with practice tools to assist with navigating the IRS, tax practice quality control and management, as well as guidance
Published on June 27, 2017

Recently Issued Technical Questions and Answers

Article The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any
Published on June 27, 2017

Tax Reform Resource Center

Overview The Tax Reform Resource Center will be updated frequently with news, analysis, resources and the information you need to understand how coming changes will affect you and your clients.
Published on June 27, 2017

ASB Meeting Agenda and Materials July 2017

Meeting Materials Meeting Date: July 17-20, 2017 Denver, CO The Inverness Hotel and Conference Center 200 Inverness Drive West Englewood, CO  80112 Please visit the hotel website for more information regarding this hotel, such as amenities, restaurants,
Published on June 27, 2017

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