A-133 Compliance Supplement Addresses Recovery Act , Sort of
The Office of Management and Budget on Tuesday released the annual Circular A-133 Compliance Supplement, offering auditors and federal assistance recipients an updated resource for meeting their responsibilities under an A-133 audit. However, because of the “limited time” between enactment of the American Recovery and Reinvestment Act and the issuance of the 2009 supplement, the guidance does not fully incorporate the requirements resulting from the massive economic stimulus package. Instead, OMB has included a brief appendix (Appendix 7) that highlights some areas of importance to A-133 audits, such as the impact on determining major programs, reporting on the Schedule of Expenditure of Federal Awards, and award terms and conditions and related compliance requirements.
As additional information becomes available, OMB plans to issue addenda to the supplement.
A link to the online Compliance Supplement Table of Contents is available by clicking here.
If you’re interested in learning more about A-133 audits, check out Management Concepts’ Audit of Federal Grants and Cooperative Agreements course.