Audit and Audit Resolution PPS (2)1

Flores.Teresa

Description

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 ...

Informations

• Publié par: Sheaz
• Nombre de lectures: 35
• Langue: English

Extrait

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:

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.

7

n

Audit Requirements

Non-federal entities that expending less

than$500,000of Federal awards in a year are:

n Exempt from Federal audit requirements for that year

n Require 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