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Comprehending OMB Circular A-133

Author/Moderator: Laura Lindal, CPA
Publisher: AICPA
Availability: Varies by Format (See Below)
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Description

Available Formats:  Text | On-Demand | See All

This core training explains the basic elements of an OMB Circular A-133 compliance audit, including who must undergo this type of audit and why. It provides an overview of the requirements of a compliance audit performed under OMB Circular A-133, and how GAAS and the Yellow Book are related to the Circular A-133 compliance audit.

Topics discussed in this course include information on what a federal award is along with an explanation of the various types of federal awards. Audit implications of receiving a federal award as a recipient or as a subrecipient, and the related requirements, are covered. The Schedule of Expenditures of Federal Awards is introduced, along with a description of major program determination. The determination by the auditor of compliance requirements to be tested is discussed, along with the auditor’s responsibilities related to testing and reporting on both internal control over compliance and compliance with the applicable compliance requirements. With the information in this course, you will understand the basic components of a compliance audit performed under OMB Circular A-133.

Topics Discussed:

  • Fundamentals of a compliance audit performed under OMB Circular A-133
  • Identifying federal assistance
  • Recipients, pass-through awards, and subrecipients
  • Major program determination
  • Using the compliance supplement
  • Testing compliance with laws and regulations
  • Testing internal control over compliance
  • Audit reports

Learning Objectives:
When you complete this course, you will be able to:

  • Explain how GAAS and the Yellow Book relate to an OMB Circular A-133 audit
  • Distinguish federal awards from payments for goods and services
  • Define and explain the importance of Circular A-133 terms recipient, pass-through entity, subrecipient, and vendor
  • Explain the concept of subrecipient monitoring and discuss related auditing considerations
  • Determine how the cost principles circulars relate to the allowable costs/cost principles compliance requirement
  • Examine the auditor’s responsibility for testing compliance in OMB Circular A-133 audits
  • Understand the reporting requirements in the compliance audit

Who Will Benefit?
Audit staff new to the OMB Circular A-133 compliance audit process and those who need a refresher of key elements of a compliance audit.

Prerequisite: None

Advanced Preparation: None

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NASBA Field of Study: Auditing (Governmental)
Level: Basic
Recommended CPE Credit: Text - 8; On-Demand - 8
Yellow Book Hours: Text - 8; On-Demand - 8
Comprehending OMB Circular A-133
Text , 2014
Product# 730938
Availability: In Stock
Regular:$193.75
AICPA Member:$155.00
Your Price:$193.75
Comprehending OMB Circular A-133
CPE On-Demand , 2014
Product# 163240
Availability: Online Access 1 Year
For registered users only
Regular:$193.75
AICPA Member:$155.00
Your Price:$193.75
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