Comprehending OMB Circular A-133
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
- Audit reports
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.
Advanced Preparation: None
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