This CPE course explains the basic elements and requirements of an OMB Circular A-133 compliance audit, including who must undergo this type of audit and why, and its relationship to GAAS and the Yellow Book.
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
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.