What is a133 Single Audit?

What is a133 Single Audit?

Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

What is the Single Audit reporting package?

The single audit reporting package is a collection of several documents. A complete single audit reporting package includes up to nine key parts. All applicable parts must be submitted before the State Controller’s Office can process the reporting package.

What is Single Audit process?

A Single Audit is when a professional auditor goes over a grantee’s financial management processes, including its financial management system and its compliance with all of its federal grant requirements. It is called a Single Audit because it combines one audit covering all of a grantee’s federal grants.

Where can I find a Single Audit report?

Copies of the Single Audit report are submitted to the Federal Audit Clearinghouse of the U.S. Census Bureau. Information from current Single Audits and prior A-133 audits is accessible online through the Federal Audit Clearinghouse website.

Who performs Single Audits?

3. Which government office is responsible for setting the rules and regulations for federal audits? The Office of Management and Budget sets rules and regulations. The audits themselves are conducted by independent private accounting firms hired by auditees, like Native American tribes, state and local governments.

What is the purpose of the single audit?

Usually performed annually, the Single Audit’s objective is to provide assurance to the US federal government as to the management and use of such funds by recipients such as states, cities, universities, non-profit organizations, and Indian Tribes.

What does a single audit report look like?

What’s in the Single Audit Report? The report is presented in three sections: Financial statements section – includes the independent auditor’s report, management’s discussion and analysis, basic financial statements, notes to the financial statements, and required supplementary information.

How many reports will be issued in a single audit?

As part of the Single Audit, the auditor must prepare and submit three individual reports to the recipient and to the federal government.

What is required for a single audit?

A federal single audit is required when you spend more than $750,000 of federal funds in one year, regardless of whether those federally-sourced funds came directly from the federal government or were passed through from a state or local government.

Who conducts Single Audits?

The Single Audit Act gives the Director of the Office of Management and Budget (OMB) the authority to develop government-wide guidelines and policy on performing audits to comply with the Act. A regulation referred to as the Uniform Guidance is the most recent OMB regulation issued for this purpose.

What happens if you fail a Single Audit?

Contact the affected Federal awarding agency or pass- through entity if you have any questions. Failure to meet the single audit requirements could result in your entity having to repay grant monies and/or losing access to future Federal funding.