A-133 Single Audit
For many governmental and nonprofit organizations financial reporting also requires a OMB Circular A-133 audit, otherwise known as a single audit. Organizations that expend more than $300,000 in federal awards during a fiscal year are subject to single audit requirements.
An OMB Circular A-133 audit, is an audit consisting of two main parts: an audit of the basic financial statements and an audit of the organization’s major Federal award programs.
The audit of the major programs includes:
- Gaining an understanding of and testing the internal controls
- A compliance audit governing laws and regulations and the provisions of contracts and grants of the Federal award programs.
- Auditor’s opinion on whether the auditee complied with laws, regulations and the provisions of contracts or grants that have a direct and material effect on each of its major programs.
For more information regarding our audit services, please contact us.