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 14991
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

CPA Exam Scoring

Overview The scoring information on this page is intended primarily for CPA Examination candidates.
Published on March 23, 2017

Tax Section News - 2017 Archives

Newsletter Tax Section News is a monthly e-newsletter specifically designed for Tax Section members. It provides in-depth articles on trending topics, announcements of new tools and resources, information on upcoming webcasts and conferences, and more.
Published on March 23, 2017

Tax Section News

Newsletter Tax Section News e-newsletter is a monthly e-newsletter specifically designed for Tax Section members. It provides in-depth articles on trending topics, announcements of new tools & resources, highlights upcoming webcasts and conferences, and more.
Published on March 23, 2017

Networking

Article What you should know about who you should know. The typical, cynical version of the line goes like this: “It’s not what you know, it’s who you know.” Usually meaning that it—fill in the blank: getting into college, getting a job, getting a prom
Published on March 23, 2017

Getting Involved

Article Ask not what we can do for you... Actually, the question of the moment is what you can do for you for your profession. And while we’re at it, the whole wide world. Seriously. One of the hallmarks of the CPA profession has been the willingness of CPAs
Published on March 23, 2017

Career Development

Overview How to say, "This is the job I always wanted!" a dozen times in 50 years... And mean it. Whether you’re just starting out or a few years in, you deserve to hear the truth: being a CPA isn’t just a job. It’s actually a whole series of jobs, one after
Published on March 23, 2017

Young CPA Resources

Article Info, tools and tips for the young, licensed or possibly restless. So you’ve started down the path to CPA greatness. You probably have some questions. Luckily, we’ve got answers. Want to know how to ace your next job interview? Trying to find
Published on March 23, 2017

AICPA Membership - Young CPA Network

Overview While AICPA membership is not a requirement for participating in the Young CPA Network, we encourage you to join the AICPA to experience all of the benefits of membership in the nation's premier professional organization for certified public accountants.
Published on March 23, 2017

EDGE Experience

Conference Overview EDGE is all about your professional role today, your goals for the future and how to close the gap with new leadership and communication skills, technical know-how, expanded career connections and so much more.
Published on March 23, 2017

Young CPA Networks

Home Seek advice regarding career challenges and opportunities, while building a supportive network of professional relationships necessary to be successful in the CPA profession.
Published on March 23, 2017

Tax Advocacy

Home AICPA Tax Advocacy teams continually monitor and advocate on legislative, regulatory and administrative tax matters on behalf of our members.
Published on March 23, 2017

State CPA Resources and Contact Information

Directory This page contains links to contact info for the 55 states and territories including state society and state board contact information.
Published on March 23, 2017

State Regulatory and Legislative Affairs

Overview The AICPA State Regulation and Legislation Team advocates for the accounting profession at the state level by partnering with the state CPA societies. The team monitors trends on key state legislative and regulatory issues at the national level and serves as an information clearinghouse and resource provider, offering information related
Published on March 23, 2017

Legal

Overview The Office of General Counsel (OGC) is responsible for all legal matters involving the AICPA. The OGC provides legal advice to AICPA committees, service and staff task forces as appropriate, interpret and write legislation, interface and provide support fo
Published on March 23, 2017

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 14991
Show Results per page
Copyright © 2006-2017 American Institute of CPAs.