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 $500,000 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.

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