What is an OMB 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.
Who is required to have 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.
What triggers Single Audit?
What triggers the requirement for a Single Audit? Any non-federal entity that expends more than $750,000 in federal award funds during its fiscal year is required to obtain a Single Audit (or Program-specific Audit, if applicable.)
What is the purpose of a Single Audit?
The purpose of a Single Audit is to ensure a recipient of federal funds is in compliance with the federal program’s requirements for how the money can be used.
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 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.
What is a single audit OMB?
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 an OMB A133 audit?
Many organizations and government agencies that receive federal funds are required to undergo a Single Audit, also known as an “OMB A-133 Audit” for the regulations set down in Circular A-133 by the U.S. Office of Management and Budget (OMB).
How often is the A-133 audit report updated?
, which is updated annually. An A-133 audit by a qualified firm will ensure that a recipient of federal funds is in compliance with all of the audit requirements outlined in the Compliance Supplement by the federal agency who granted them the funds.
Where can I find information on the Single Audit Act?
With the issuance of the Uniform Guidance (2 CFR 200) in December 2014, the Single Audit Act provisions were rolled into the Uniform Guidance at 2 CFR 200 subpart F (200.500) Audit Requirements. Information on the Single Audit can be found in the Federal Audit Clearinghouse website.