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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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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

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 April 24, 2017

Tax

Overview AICPA is committed to promoting CPAs as the most trusted professional and premier providers of tax services. We offer information and resources related to tax return planning, preparation, examination and representation, with practice tools to assist with navigating the IRS, tax practice quality control and management, as well as guidance
Published on April 24, 2017

Personal Financial Specialist Credential Committee

Overview Learn about the Personal Financial Specialist (PFS) Credential Committee objectives and members.
Published on April 24, 2017

Bob Veres Media Reviews

Newsletter Bob Veres Media Reviews service summarizes the contents of three or four professional magazines each month, with direct links so you can go straight to the articles that interest you.
Published on April 24, 2017

Podcast Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases

Podcasts This podcast recaps the first quarter of 2017, which includes case law and much more.
Published on April 24, 2017

Media Reviews - April 16-30, 2017

Article In this issue of Bob Veres Media Reviews you will find a summary of articles from the Financial Advisor magazine including "The Discount Firm Price Wars”, "No Going Back" and much more!
Published on April 24, 2017

Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases

Audio This video recaps the first quarter of 2017, which includes case law and much more.
Published on April 24, 2017

Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases

Presentation This presentation recaps the first quarter of 2017, which includes case law and much more.
Published on April 24, 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 April 24, 2017

Reviewer Alert

Overview Access Peer Review top news in the Reviewer Focus.
Published on April 24, 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 April 24, 2017

Firm Update on the Peer Review Integrated Management Application (PRIMA)

Overview Download a pdf file of instructions for CPA firms to use with the Peer Review Integrated Management Application (PRIMA).
Published on April 24, 2017

Getting Started in PRIMA

Primer Download a pdf file that walks you through various steps to get started in the Peer Review Integrated Management Application (PRIMA) which replaces the Peer Review Information System Manager (PRISM) effective May 1, 2017.
Published on April 24, 2017

FVS News & Publications

News Access all of our current and archived member publications that provide guidance on current and emerging developments from the Forensic and Valuation Section.
Published on April 24, 2017

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