OMB Circular A - 133 Audits

Due to the 1996 amendment of the Single Audit Act of 1984, nonprofits who expend funding from federal agencies in excess of $500,000 during its fiscal year must complete an OMB Circular A-133 audit, commonly referred to as the Single Audit.

BPM's OMB Circular-133 audit group is deeply experienced in guiding organizations through this audit, as many of our clients receive federal funding from government agencies such as the Departments of Health, Human Services, Education, Commerce, and Housing and Urban Development.

Our professionals provide a tailored approach to conducting the audit. Using the guidance in the OMB Circular A-133 Compliance Supplement, our professionals can plan your Single Audit to include only those federal programs that are considered major programs based on risk both at the program and organizational level. We then integrate our testing of internal controls and compliance with the requirements for each major program into the financial statement audit to achieve a dual-purpose approach. This approach, combined with our relevant experience, ensures that each Single Audit is efficient and effective. We can also help clients complete the submission of their Single Audit Reporting Package and Data Collection Form to the Federal Audit Clearinghouse.

The audit also serves as a chance to enhance and strengthen your organization's internal control environment. During the course of the audit, we work with management to identify areas where internal controls can be strengthened with respect to federal programs under the COSO framework of internal controls.

For more information, visit www.omb.gov.

For more information, email us at bpm@bpmcpa.com.