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Applying OMB Circular A-133 to Not-for-Profit and Governmental Organizations

Author/Moderator: W.A. Broadus, CPA
Publisher: AICPA
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In this CPE course, you will learn the basics of performing a compliance audit performed under Circular A-133, including the responsibilities of both the auditee and auditor.

Learn how to identify federal assistance and how to determine an organization’s major programs. Also covered is a key part of the compliance audit, which is gaining an understanding of, assessing, and testing internal control over compliance. Using this knowledge, you will learn what is involved in identifying and testing compliance requirements in a single audit.

Also included in this CPE course is a chapter on the Uniform Guidance. This chapter will help you get ready for the upcoming changes.

Topics Discussed:

  • Fundamentals of a single audit
  • Identifying federal assistance and determining major programs
  • Understanding, assessing, and testing internal controls
  • Testing compliance with laws and regulations
  • Audit reports
  • Program-specific audits
  • Audit tools and guidance
  • Uniform Guidance

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

  • Identify fundamental auditee and auditor responsibilities related to OMB Circular A-133 audits.
  • Obtain a thorough understanding of the Schedule of Expenditures of Federal Awards (SEFA).
  • Gain a working knowledge of how major federal programs are determined.
  • Become familiar with the Circular A-133 requirements related to understanding internal control and testing the effectiveness of internal controls.
  • Gain an understanding of how to identify the applicable compliance requirements, and what is involved in testing those compliance requirements.
  • Identify the Circular A-133 reporting requirements
  • Identify the audit requirements of a program-specific audit, and the related reporting requirements.
  • Identify the changes to single audits resulting from implementing the Uniform Guidance.

Who Will Benefit?
Auditors performing OMB Circular A-133 compliance audits and internal financial staff of government and not-for-profit entities

Prerequisite: Background of not-for-profit or governmental accounting and auditing.

Advanced Preparation: None

NASBA Field of Study: Auditing (Governmental)
Level: Intermediate
Recommended CPE Credit: Text - 6.5; On-Demand - 6
Yellow Book Hours: Text - 6.5; On-Demand - 6
Applying OMB Circular A-133 to Not-for-Profit and Governmental Organizations
Text , 2015
Product# 730918
Availability: In Stock
AICPA Member:$119.00
Your Price:$149.00
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