Audit for Financial Statement under Uniform Guidance

Our audit team members are well qualified and experienced in conducting OMB Circular A-133 audits. Our integrated risk based approach allows us to perform financial statements and OMB Circular A-133 audits simultaneously, taking leverage of audit procedures performed in a financial statements audit and to avoid duplication of effort. We commit to complete the audit procedures, prepare the A-133 reports, assist our clients to complete Form SF-FAC and submit the reports with the Federal Clearinghouse by the submission due dates.The single audit can also be conducted in conjunction with audits of grants subject to state and local laws and regulations. Such audits are conducted to obtain complete and accurate information in relation to the grant agreements and relevant compliance requirements.

More About OMB Circular A-133

All non-Federal entities that expend $750,000 or more of Federal awards in a year are required to obtain an annual audit in accordance with the Single Audit Act Amendments of 1996, OMB Circular A-133, the OMB Circular Compliance Supplement and Government Auditing Standards. A single audit is intended to provide a cost-effective audit for non-Federal entities in that one audit is conducted in lieu of multiple audits of individual programs.The OMB A-133 Compliance Supplement is a large and extensive United States federal government guide created by the Office of Management and Budget (OMB) and used in auditing federal assistance and federal grant programs, as well as their respective recipients. It is considered to be the most important tool of an auditor for a Single Audit.

New OMB Guidance & Grant Reforms

In late December 2013, the Office of Management and Budget (“OMB”) issued long-awaited grant reforms in a document titled Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Audit.This reform of OMB guidance is an attempt to reduce the administrative burden for non-federal entities receiving a portion of the $600 billion in federal grants that are awarded annually, while reducing the risk of waste, fraud, and abuse. It applies to institutions of higher education, nonprofits, state/local governments, Indian tribes, and certain for-profit and foreign entities. These revisions are clearly the most significant change to occur in relation to federal grants management in recent history. Entities receiving federal funding will need to carefully digest these changes.The new rules combine eight previously separate sets of OMB regulations into one streamlined, comprehensive policy. This consolidated document is aimed at eliminating duplicative or almost duplicative language in order to clarify where policy is substantively different across types of entities, and where it is not. As a result, the guidance includes sections and parts of sections which are clearly delineated by the type of non-federal entity to which they apply. This final guidance is located in Title 2 of the Code of Federal Regulations.This guidance supersedes requirements from various prior OMB Circulars and provides reforms in three main areas:

Reform Area	​Guidance Previously Located in
Administrative Requirements	Circulars A-102 (the Common Rule), Circular A-110 and Circular A-89
Cost Principles	Circulars A-21, A-87 and A-122
Audit Requirements	Circulars A-133 and A-50

 These regulations became effective for new awards and/or new funding increments made on or after Dec. 26, 2014, exactly one year after the publication date of these reforms. However, standards set forth related to the audit requirements will be effective for audits of fiscal years beginning ON or AFTER Jan. 1, 2015; i.e., the first single audits affected by this rule will be for the year ending Dec. 31, 2015.