Audit and Audit Resolution PPS (2)1

Audit and Audit ResolutionPresented byWendy SpiveyADECA Audit ManagerOverview2Purpose of OMB A-133To set standards for obtaining consistency and uniformity among Federal agencies for the audit of non-Federal entities expending Federal awards.3Subpart B - Auditsn .200 Audit requirementsn .205 Basis for determining Federal awards expendedn .210 Subrecipient and vendor determinationsn .215 Relation to other audit requirementsn .220 Frequency of Auditsn .225 Sanctionsn .230 Audit costsn .235 Program-specific audits4Audit Requirementsn Non-Federal entities expending $500,000 or more in a year are required to have single audit or program-specific audit.n Effective for fiscal years ending after December 31, 2003.5Audit Requirementsn Single audits are required when non-federal entities expend $500,000 or more in year in Federal awards n Effective for fiscal years ending after December 31, 2003.6Audit Requirementsn Program-specific audits are required when:n An auditee expends Federal awards under only one Federal program (excluding R&D).n Federal program laws, regulations, or grant agreements do not require a financial statement audit of the auditee.7Audit Requirementsn Non-federal entities that expending less than $500,000 of Federal awards in a year are:n Exempt from Federal audit requirements for that yearn Require to have records available for review or audit by appropriate officials8Federal Awards Expendedn Loansn ...