NEW A-133 Compliance Supplement Weighs In at 1,544 Pages

June 2, 2011 | By Adrianne Fielding | Post a Comment

Need some summer reading?  Look no further than the just-released FY 2011 Circular A-133 Compliance Supplement.  It’s a hefty 1,544 pages of the latest guidance from the Office of Budget and Management about conducting audits for the fiscal year beginning after June 30, 2010.  States, local governments, tribal governments and nonprofits that meet the threshold of $500,000 in aggregate expenditures of federal funds  in a given fiscal year are required to obtain an audit in accordance with Circular A-133.

OMB describes the supplement in a nutshell as providing “a source of information for auditors to understand the Federal program’s objectives, procedures, and compliance requirements relevant to the audit as well as audit objectives and suggested audit procedures for determining compliance with these requirements.”  Of course, that also makes it a tremendously valuable resource for entities on the receiving end of those single audit — so they can anticipate and prepare for what the auditors will be evaluating and how.

See what our colleague Chuck Edwards, managing editor of Thompson’s education publications, had to say about the new compliance supplement yesterday on the Title I-Derland blog.

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