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 14940
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

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 January 22, 2017

Peer Review Board Open Session Meeting Minutes and Materials

Meeting Minutes Download meeting minutes and materials from open sessions of the AICPA Peer Review Board from 2008-present.
Published on January 22, 2017

Archived Peer Review Board Open Session Meeting Materials and Highlights

Meeting Highlights 2016 January 2016 Materials for the January 13, 2016 Open Session Meeting Highlights from the January 13, 2016 Open Session Meeting  May 2016 M
Published on January 22, 2017

For Peer Review Administrators and Technical Reviewers

Overview On this page, approved users can access a number of websites for peer review administration.  Please note that you must have the proper approval to access any of the sites on this page.
Published on January 22, 2017

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 January 22, 2017

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 January 22, 2017

American Institute of CPAs

Article
Published on January 20, 2017

Tax Reform Resource Center

Overview The Tax Reform Resource Center will be updated frequently with news, analysis, resources and the information you need to understand how coming changes will affect you and your clients.
Published on January 20, 2017

Tax Identity Theft Information and Tools

Overview Identity theft is a growing area of concern for taxpayers and practitioners.  The AICPA has created this page to provide members with information about preventing identity theft, including tips to provide clients, and steps to take if it occurs.
Published on January 20, 2017

AICPA States Corporate Due Dates Conformity Chart

Chart Due Dates for C Corporation Tax Returns —Status of States’ Conformity. Federal Due Date Changes From March 15 to April 15 — Effective Starting With Tax Year 2016.
Published on January 20, 2017

Peer Review Integrated Management Application (PRIMA)

Overview Access information on the Peer Review Integrated Management Application (PRIMA), a web-based tool to replace the PRISM website.
Published on January 20, 2017

GAQC Summary of 2017 Compliance Supplement PROPOSED Revisions

Quick Reference Guide GAQC Summary of 2017 Compliance Supplement PROPOSED Revisions developed by the GAQC Team based on Vett Draft provided by OMB.
Published on January 20, 2017

Outstanding CPA in Government 2009

Award Each year the AICPA presents the Outstanding CPA in Government Awards to members of the AICPA and/or state CPA societies employed in or recently retired from government who have distinguished themselves. The 2009 winners are Robert Dacey, Thomas McTavish and Lena Ellis.
Published on January 20, 2017

Outstanding CPA in Government 2010

Award Each year the AICPA presents the Outstanding CPA in Government Awards to members of the AICPA and/or state CPA societies employed in or recently retired from government who have distinguished themselves. The 2010 winners are Peter Hughes and Russell Hinton. A federal award was not given out this year.
Published on January 20, 2017

Page  1 2 3 4 5 >> 
Showing results 1 – 15 of 14940
Show Results per page
Copyright © 2006-2017 American Institute of CPAs.