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 16738
Order by:

Annual Membership Dues

Article AICPA Membership annual dues information.
Published on July 28, 2016


Overview AICPA Credentials will help you take  your career to the next level. Join the AICPA today.
Published on July 28, 2016

Section Memberships

Overview Learn about AICPA Section Memberships for PFP, NFP, IMTA, FVS and Tax and join the AICPA.
Published on July 28, 2016

Individual Memberships

Article The AICPA offers a variety of memberships. Join the AICPA today.
Published on July 28, 2016

Statement on Standards in Personal Financial Planning Services

Professional Standards SSPFPS provides authoritative guidance and establishes enforceable standards for members who provide PFP services to assist them in fulfilling their professional responsibilities.
Published on July 28, 2016

AICPA Will Finance Assurance Research

Article Accounting Today reported that the AICPA is planning to fund academic research on audit and assurance services. “The AICPA’s Assurance Research Advisory Group issued a request for proposals Monday seeking research on assurance topics that would be of i
Published on July 28, 2016

What the New Association of AICPA and CIMA Means for You

Article In a column for AccountingWEB, Xero’s Amy Vetter writes, “You’ve probably heard the news: The membership bodies of the AICPA and CIMA overwhelmingly voted to create a new international accounting association that will represent more than 600,000 accou
Published on July 28, 2016

Tax Practice Management

Overview Tax Practice Management webpage that provides guidance, tools, resources, and learning opportunities. Also provides access to additional resources for tax section members around practice management.
Published on July 28, 2016

Tax CPE & Learning

Overview The AICPA Tax Section schedules webcasts and events that focus on many current tax issues that impact tax practices and business and industry members. This page provides registration links and other information on upcoming learning opportunities.
Published on July 28, 2016

Best Practices to Calculate, Track, and Maintain Basis Worksheets Presentation Slides

Webcast Archive Industry experts will provide a practical discussion on S-election considerations, BIG tax complexities, why it is important to track basis, the difference between stock and debt basis, what items increase/decrease basis, and more. This webcast explores opportunities and pitfalls that impact S corporations and their shareholders.
Published on July 28, 2016

Information Management and Technology Assurance

Overview An overview of the AICPA's Information Management and Technology Assurance section.
Published on July 28, 2016

What Does it Take to Become a CPA Financial Planner

Overview Learn why a career as a CPA financial planner or Personal Financial Specialist may be right for you!
Published on July 28, 2016

5-Steps to a Career as a CPA Financial Planner

Article If you enjoy interacting with people, are good with numbers, have an interest in personal finance, a career as a CPA financial planner or CPA/Personal Financial Specialist (PFS) may be right for you.
Published on July 28, 2016


Overview The Not-for-Profit Section of AICPA is a community for not-for-profit professionals and their business advisors.
Published on July 28, 2016

Not-for-Profit CPE & Events

Article AICPA Not-for-Profit Section members receive exclusive discounts on AICPA NFP products and resources. Join today, and make the most of your membership discounts with this selection of popular
Published on July 28, 2016

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 16738
Show Results per page
Copyright © 2006-2016 American Institute of CPAs.