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 16524
Order by:


Individual Tax Return - 2013

Checklist This page includes checklists for 2013 individual income tax returns (Form 1040). These checklists and practice guides were prepared by the AICPA Tax Practice Guides Task Force.
Published on July 01, 2016

Estate and Trust Income Tax Return - 2013

Checklist This page includes checklists for estate and trust fiduciary income tax returns (1041). These checklists and practice guides were prepared by the AICPA Tax Practice Guides Task Force.
Published on July 01, 2016

Employee Benefits Plan Return 2013

Checklist This page includes the checklist for the employee benefit plans tax return (Form 5500). These checklists and practice guides were prepared by the AICPA Tax Practice Guides & Checklists Task Force.
Published on July 01, 2016

C Corporation Tax Return - 2013

Checklist This page includes checklists for C Corporation tax returns (Form 1120). These checklists and practice guides were prepared by the AICPA Tax Practice Guides Task Force.
Published on July 01, 2016

Tax Community

Overview The AICPA tax community – its technical resource panels, committees and task forces - are an invaluable resource to the Institute as they provide guidance on complex and sometimes high-profile tax issues. Stay connected and get the latest tax-related news, developments, and engagement opportunities via social media.
Published on July 01, 2016

Exposure Drafts of Proposed SASs, SSAEs, and SQCSs

Exposure Draft Auditing Standards Board Exposure Drafts of Proposed Statements.
Published on July 01, 2016

Proposed Statement on Auditing Standards The Auditors Consideration of an Entitys Ability to Continue as a Going Concern

Exposure Draft Proposed standard would supersede SAS No. 126 of the same title (AICPA, Professional Standards, AU-sec. 570), amend various sections of SAS No. 122, and become effective for audits of financial statements for periods ending on or after December 15, 2017 and for interim periods beginning thereafter.
Published on July 01, 2016

Disclosure of Uncertain Tax Positions

Guidance This page is an overview of the IRS proposal regarding the disclosure of uncertain tax positions (UTPs) and includes links to numerous documents associated with this proposal, including comment letters submitted by the AICPA, various IRS pronouncements (including current Schedule UTP and Instructions), video clips and other articles associated with this topic.
Published on July 01, 2016

Resources on States Conformity on DOMA Filing Issues for Same-Sex Couples

Overview This page contains the non-recognition states' issued guidance for same sex couples regarding the Defense of Marriage Act (DOMA) state tax conformity to the IRS tax treatment.
Published on July 01, 2016

Tax Guidance for Domestic Partners and Same-Sex Couples

Overview On June 26, 2013, the U.S. Supreme Court ruled on a landmark case related to same-sex marriage (United States v. Windsor). The 5-4 decision changed the application of federal tax rules for married same-sex couples. Then, on June 26, 2015, the U.S. Supreme Court ruled 5-4 in the case, Obergefell
Published on July 01, 2016

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 July 01, 2016

Foreign Account Tax Compliance Act (FATCA)

Overview This is a dedicated webpage on FATCA that contains links to various documents and resources.
Published on July 01, 2016

International Taxation - Tax Planning Resources, Guides & Tools

Overview International Tax Planning - checklists, practice guides, and other tools and aids for members who specialize and/or want to know more about international taxation.
Published on July 01, 2016

AICPA Ethics Codification Project

Article The AICPA’s Professional Ethics Executive Committee (PEEC) is restructuring the Institute’s ethics standards to improve the AICPA Code of Professional Conduct (Code) so that members and others can apply the rules and reach correct conclusions more easily and intuitively.
Published on July 01, 2016

AICPA Conceptual Framework Approach

Article A significant change to the content in the revised AICPA Code of Conduct is the incorporation of two conceptual frameworks, one for members in public practice and one for members in business.
Published on July 01, 2016

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 16524
Show Results per page
Copyright © 2006-2016 American Institute of CPAs.