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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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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.

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

NASBA Field of Study: Auditing (Governmental)
Level: Basic
Recommended CPE Credit: Text - 8.5; On-Demand - 8
Yellow Book Hours: Text - 8.5; On-Demand - 8
Comprehending OMB Circular A-133
Text , 2015
Product# 730939
Availability: In Stock
AICPA Member:$149.00
Your Price:$189.00
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