Audit and Audit Resolution PPS (2)1
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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 ...
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Audit and Audit Resolution
Presented by
Wendy Spivey
ADECA Audit Manager
Overview
2
Purpose of OMB A-133
To set standards for obtaining consistency
and uniformity among Federal agencies
for the audit of non-Federal entities
expending Federal awards.
3
n n n n n n n n
Subpart B - Audits
.200 Audit requirements .205 Basis for determining Federal awards expended .210 Subrecipient and vendor determinations .215 Relation to other audit requirements .220 Frequency of Audits .225 Sanctions .230 Audit costs .235 Program-specific audits
4
n
n
Audit Requirements
Non-Federal entities expending$500,000
more in a year are required to have single
audit or program-specific audit.
Effective for fiscal years ending after
December 31, 2003.
or
5
n
n
Audit Requirements
Single audits are required when non-
federal entities expend$500,000
more in year in Federal awards
or
Effective for fiscal years ending after
December 31, 2003
.
6
n
Audit Requirements
Program-specific audits are required when:
nAn auditee expends Federal awards under
only one Federal program (excluding R&D).
nFederal program laws, regulations, or grant
agreements do not require a financial
statement audit of the auditee.
7
n
Audit Requirements
Non-federal entities that expending less
than$500,000of Federal awards in a year are:
nExempt from Federal audit requirements for that year
nRequire to have records available for review or audit by appropriate officials
8
n
n
n
n
n
n
n
Federal Awards Expended
Loans
Endowment Funds
Free Rent
Non-cash Assistance
Medicare
Medicaid
National Credit Union Administration Loans
9
Subrecipient and Vendor Determination
10
Relation to Other Audit Requirements
11
