What replaced OMB Circular A-133?

On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning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

What is an A-133 audit report?

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.

Are OMB circulars still in effect?

Part 225), and Educational Institutions (OMB Circular A-21, 2. C.F.R. Part 220) are also being superseded by the new provisions of the Supercircular. Additionally, the provisions of OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, are superseded by the Supercircular.

Is OMB Circular A 76 still in effect?

OMB Circular A-76 Eisenhower Administration-era Bureau of the Budget (later OMB). That 1955 policy provided a framework for the development of Circular A-76, which was first issued in 1966. Circular A-76 has been revised and amended over time, and was last substantially amended in 2003.

Is OMB Circular A-133 still in effect?

On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning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

What replaced OMB Circular A 21?

Supersession. The Circular supersedes Federal Management Circular 73 8, dated December 19, 1973. FMC 73 8 is revised and reissued under its original designation of OMB Circular No. A 21.

What triggers a 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 does OMB mean?

Office of Management and Budget
The Office of Management and Budget (OMB) is the business division of the Executive Office of the President of the United States that administers the United States federal budget and oversees the performance of federal agencies.

What replaced OMB Circular A 110?

SUMMARY: The Office of Management and Budget (OMB) is adopting final conforming amendments to Circular A-110, “Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations.”

Why is it called a single audit?

Why is it called a “single” audit? Before 1984, each federal grantmaking agency was required to carry out its own audit. The Single Audit Act of 1984 standardized audits for states, local and tribal governments. However, because each grant has its own unique requirements, no two audits are exactly the same.

Who needs Single Audit?

Currently, as a result of the Uniform Guidance, all non-federal government agencies and nonprofit organizations that expend $750,000 or more in federal awards in a given fiscal year are required to obtain a Single Audit.

What does OMB stand for on tax return?

Title: Office of Management and Budget (OMB) Control Numbers Assigned Under the Paperwork Reduction Act of 1995.

What does the OMB A-133 Compliance Supplement replace?

For Single Audits, the Supplement replaces any agency audit guides and other audit requirement documents for individual Federal programs. The OMB A-133 Compliance Supplement is divided into 7 divisions:

When was the OMB Circular A-133 issued?

Circular A-133 is issued under the authority of sections 503, 1111, and 7501 et seq. of title 31, United States Code, and Executive Orders 8248 and 11541. 3. Rescission and Supersession. This Circular rescinds Circular A-128, “Audits of State and Local Governments,” issued April 12, 1985, and supersedes

What is the Office of Management and Budget Compliance Supplement?

The Office of Management and Budget (OMB) has made the Compliance Supplement available in two commonly used formats, Microsoft Word and PDF (viewable with Adobe Acrobat Reader ). This has been done in order to make this information as readily available as possible. OMB does not necessarily endorse these products or their companies.

How many pages are in OMB Circular A-21?

OMB Circular A-21, Cost Principles for Educational Institutions (05/10/2004) (109 pages, 263 KB) OMB Circular-025, Transmittal Memorandum #1, User Charges (07/08/1993) OMB Circular A-34, Instructions on Budget Execution (Rescinded 6/27/2002; superseded by OMB Circular No.