Section III Specific Compliance Single Audit

Date Issued 7/08 SECTION II – SPECIFIC COMPLIANCE SINGLE AUDIT Federal and State Audit Requirements Federal Single Audit Act The Single Audit Act Amendments of 1996 (Act) establishes uniform requirements for audits of Federal awards administered by non-Federal entities. The Act promotes sound financial management, including effective internal controls, with respect to Federal Awards administered by non-Federal entities. The Federal Office of Management and Budget (US OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, provides the government wide guidelines and policies on performing audits to comply with the Single Audit Act and requires the use of generally accepted government auditing standards (GAGAS). Non-federal entities that expend $500,000 or more in a year in Federal awards are required to have a Single Audit in accordance with provisions in Circular A-133. The revised version of Circular A-133 is available through the web site, http://www.whitehouse.gov/omb/circulars/index.html. The Act requires that GAGAS be followed in audits of state and local governments. Government Auditing Standards (The 2003 Yellow Book) issued by the Comptroller General of the United States specifies the standards and guidance generally known as GAGAS. A printed copy of the document can be purchased from the Government Printing Office - Superintendent of Documents (202) 512-1800 or via the GPO web site at http:/ ...