What triggers an A-133 audit?

What triggers an A-133 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 replaced OMB Circular A-133?

2 CFR part 200, subpart F
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.

Is it still called an A-133 audit?

This Circular rescinds Circular A-128, “Audits of State and Local Governments,” issued April 12, 1985, and supersedes the prior Circular A-133, “Audits of Institutions of Higher Education and Other Non-Profit Institutions,” issued April 22, 1996.

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.

Is an audit required for a nonprofit?

Nonprofits that spend or earn more than a certain amount (usually around $500,000) may be required to complete a financial audit. Check your federal funding. Organizations that receive more than $750,000 in federal funding or federal funding passed through the state are required to have an audit.

What is OMB Circular A-123 audit?

OMB Circular No. A-123 provides guidance to Federal Managers on improving the accountability and effectiveness of Federal programs and operations by identifying and managing risks, establishing requirements to assess, correct, and report on the effectiveness of internal controls.

Do PPP loans require a Single Audit?

Loans obtained under the Paycheck Protection Program (PPP) are not subject to a Single Audit.

Is a Single Audit a yellow book audit?

The audit encompasses both financial and compliance components. Single audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC. In conjunction to any Single Audits conducted, a Yellow Book audit is also required.

What is the difference between a Single Audit and a regular audit?

The Details The difference from your normal financial statement audit is that the Single Audit will go a step further to assure that the programs are complying with any government regulations that apply to that specific funding.