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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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ID Theft Checklist for Clients Action Steps for Recovery

Checklist CPAs can give clients this comprehensive checklist to help them navigate the aftermath of identity theft. The checklist includes links to various agencies and also recommends steps that clients may not think of at the time to recover their identity. and minimize any damage.
Published on August 30, 2016

Letters of Comment on Exposure Draft of Proposed SSARS 21 Section 90

Overview Comment Letter #1 - Florida Institute of CPAs Committee on Accounting Principles and Auditing Standards Comment Letter #2 - RSM US LLP Comment Letter #3 - National Association of State Board of Accountancy Comment Letter #4 - Michigan Associa
Published on August 30, 2016

Tax Section Webcast Archives

Webcast Archive Tax Section webcasts, presentation slides, and handouts are archived and available for Tax Section members to watch on-demand (without CPE) for one year following the live event.
Published on August 30, 2016

Additional Legislative/Regulatory Topics

News Stay up to date on legislative and regulatory issues relating to a variety of personal financial planning matters.
Published on August 30, 2016

Legislative and Regulatory News

Overview The AICPA PFP Division works with the AICPA Congressional Affairs Team to ensure that issues impacting CPA financial planners are monitored and acted upon as needed.
Published on August 30, 2016

Podcast Series Protecting Clients from Financial Fraud and Abuse

Podcasts FVS and PFP experts discuss elder fraud and abuse.
Published on August 30, 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 August 30, 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 August 30, 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 August 30, 2016

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 August 30, 2016

Information Management and Technology Assurance Podcasts

Podcasts Podcast recorded by executive committee members of the IMTA Division on a variety of topics.
Published on August 30, 2016

Information Management & Technology Assurance CPE & Events

Overview IMTA Section provides members as well as credential holders the opportunity to learn and stay informed about timely issues, best practices and latest trends affecting the profession.
Published on August 30, 2016

GAQC CPE & Events

Overview Find information about upcoming Center Web events, AICPA Governmental conferences, and links to past Center Web events, Webcasts and calls.
Published on August 30, 2016

The Practicing CPA- Small Firm (Archived articles)

Overview This archive page contains past acticles from The Practicing CPA written for small firms to provide information on practice management issues and new technical developments and deliver related practitioner perspectives.
Published on August 30, 2016

The Practicing CPA- Large Firm (Archived articles)

Overview This archive page contains past acticles from The Practicing CPA written for large firms to provide information on practice management issues and new technical developments and deliver related practitioner perspectives.
Published on August 30, 2016

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