Browse

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 14887
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

Uniform CPA Examination - Software FAQs

FAQ Answers to frequently asked questions about software and other computer requirements for the Uniform CPA Exam.
Published on March 15, 2017

Candidate Performance Report and Samples - FAQs

FAQ Frequently asked questions for the CPA Exam candidate performance report, that includes samples and a guide for interpreting the results.
Published on March 11, 2017

How to Prepare for the Uniform CPA Examination

Article Find information and resources to help you prepare for the CPA Exam including links to the Candidate Bulletin, content specification outlines, the policy on new pronouncements, confidentiality and break policy, and the tutorial and sample tests.
Published on March 11, 2017

Uniform CPA Examination FAQs - Scoring

FAQ Answers to frequently asked questions about the scoring of the Uniform CPA Exam.
Published on March 11, 2017

Uniform CPA Examination - Content, Structure and Delivery FAQs

FAQ Frequently asked questions about exam content, structure, and delivery. Find out who makes policy decisions for the Uniform CPA Examination and much more.
Published on March 11, 2017

Assessing Cybersecurity Risk - Roles of the Three Lines of Defense

White Paper Organizations of all types are becoming more vulnerable to cyber threats due to their increasing reliance on computers, networks, programs and applications, social media, and data. The internal audit activity plays a crucial role in assessing an organization’s cybersecurity risks. This practice guide discusses the internal audit activity’s role in
Published on February 21, 2017

The CPA Advocate Newsletter

Overview The AICPA's advocacy e-newsletter, The CPA Advocate, is dedicated to keeping you informed about the AICPA's advocacy efforts on your behalf. Watch for it in your inbox.
Published on February 21, 2017

Topix Primers

Primer These primers provide information about additional sources that may be consulted in researching employee benefit plan audits.
Published on February 21, 2017

EBPAQC Firm Members A through F

Roster Alphabetical list of Employee Benefit Plan Audit Quality Center Member firms A through F.
Published on February 21, 2017

EBPAQC Firm Members T through Z

Roster Alphabetical list of Employee Benefit Plan Audit Quality Center member firms T through Z.
Published on February 21, 2017

EBPAQC Firm Members M through S

Roster Alphabetical list of Employee Benefit Plan Audit Quality Center Member firms M through S.
Published on February 21, 2017

Master Trusts in Employee Benefit Plans Primer

Primer This primer includes discussions of the definition of a master trust, the meaning of common control, master trust types and structures
Published on February 21, 2017

CPE Live Web Events for CPAs

Home CPE for CPAs right at your desktop! Benefit from web-based continuing professional education programs for certified public accountants. Learn from the profession's leading accounting and finance experts at the top of their professional discipline.
Published on February 21, 2017

2017 Social Media Campaign Ads

Advertisement CPAs can choose from any of these six ads that reinforce the message that  a CPA can help with the financial aspect of life's changes in areas such as family, health, retirement or education, changes that can signficantly affect taxes.
Published on February 21, 2017

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 14887
Show Results per page
Copyright © 2006-2017 American Institute of CPAs.