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 16717
Order by:


Peer Review For CPA Firms

Overview Resources for CPA firms interested in peer review organized by firm size.  You can download the enrollment form, the change form, find a course that helps you prepare for your upcoming peer review, or find information on selecting a peer reviewer.
Published on July 25, 2016

Peer Review For Large Firms

Overview On the Peer Review page for Medium Firms, you can download the enrollment form, the change form, find a course that helps you prepare for your upcoming peer review, or find information on selecting a peer reviewer.
Published on July 25, 2016

Peer Review For Medium Firms

Overview On the Peer Review page for Medium Firms, you can download the enrollment form, the change form, find a course that helps you prepare for your upcoming peer review, or find information on selecting a peer reviewer.
Published on July 25, 2016

Peer Review For Sole Practitioners and Small Firms

Overview On the Peer Review page for Sole Practitioners and Small Firms, you can download the enrollment form, the change form, find a course that helps you prepare for your upcoming peer review, or find information on selecting a peer reviewer.
Published on July 25, 2016

For Peer Reviewers

Article Helpful information for those interested in peer review, new peer reviewers or experienced peer reviewers. QCM and CPE Materials provides information, forms and practice aids for you, whether you are a peer reviewer or a developer of QCM or CPE materials.
Published on July 25, 2016

Peer Review - Home

Overview On the home page of the Peer Review Interest Area, you can find links for peer reviewers, CPA firms, the public and information and resources related to peer review.
Published on July 25, 2016

Accounting for Financial Instruments

Overview The FASB has been working on Financial Instrument standards for several years. The FASB released its Recognition and Measurement standard in January 2016 and its Credit Losses standard in June 2016. The hedging standard is expected to be released in Q3 2016.
Published on July 25, 2016

GAQC Uniform Guidance Resources

Tools Information on the new U.S. Office of Management and Budget (OMB) issued Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance or Uniform Guidance for Federal Awards).  The Uniform Guidance supersedes and streamlines requirements from eight different grant circulars into one set of guidance contained in
Published on July 25, 2016

Final Regulations Regarding Treasury Decision 9616

Report The AICPA comment letter proposes further extension of the effective dates in T.D. 9616 by one year each – moving the initial tracking of cost basis for options and debt instruments from January 1, 2014 to January 1, 2015, transfer reporting from January 1, 2015 to January 1, 2016 and reporting
Published on July 25, 2016

Forensic Accounting

Overview Access tools, non-authoritative guidance, and other resources to help the CPA forensic practitioner with the litigation process and engagements.
Published on July 25, 2016

FVS Eye On Fraud Newsletter Summer 2016

Newsletter The AICPA Forensic and Valuation Services Semi-Annual Report on Fraud Trends and Topics goes in depth about the disclosure of data breaches continues to worry consumers and corporations every day. Now, a new and growing cyberattack risk exists that has gone largely unreported: business email compromise (BEC).
Published on July 25, 2016

Business, Industry and Government Store

Product Products and publications of interest to members in business, industry, not-for-profit and government can be found here in the business, industry and government AICPA store.
Published on July 25, 2016

ASB Meeting Agenda and Materials August 2016

Meeting Materials Meeting Date: August 1-4, 2016 Milwaukee, WI Milwaukee Marriott Downtown Hotel 323 East Wisconsin Avenue Milwaukee, WI  53202 Please visit the hotel website for more information regarding this hotel, such as amenities, restaurants, di
Published on July 25, 2016

Letters of Comment on Exposure Draft of Proposed Statement on Auditing Standards-The Auditors Consideration of an Entity...

Comment Letter Comment Letter #1-Laura Lindal
Published on July 25, 2016

Starwood Hotels

Article AICPA offers member discounts on  Starwood Hotels and Resorts.
Published on July 25, 2016

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 16717
Show Results per page
Copyright © 2006-2016 American Institute of CPAs.