According to a new report from the Government Accountability Office, there could be significant changes to the federal government’s single audit process in 2009.
At the request of members of Congress, GAO took a look at how the OMB Circular A-133 single audit process could be revised to improve federal oversight and accountability of grant funds. The current process, GAO reported, offers no way to ensure how or even if federal agencies implement single audit requirements. Further there are variations among federal agencies as to how they carry out their oversight responsibilities, such as quality control reviews.
GAO went on to describe current efforts to improve the audit process. OMB anticipates that revisions to Circular A-133 and the checklist for performing quality control reviews will be completed in the fall of 2009. Also, the AICPA plans to finalize applicable auditing standards and the AICPA Audit Guide, and to develop illustrative practice aids in 2009, GAO reported.
GAO’s report is available here.
For those interested in A-133, Management Concepts offers a two-day course, Audit of Federal Grants and Cooperative Agreements. For information about this training, click here.