What is an A-133 audit report?

Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

Is it still called an A-133 audit?

This Circular rescinds Circular A-128, “Audits of State and Local Governments,” issued April 12, 1985, and supersedes the prior Circular A-133, “Audits of Institutions of Higher Education and Other Non-Profit Institutions,” issued April 22, 1996.

What is an FSA audit?

Food Safety Audits covers the minimum sanitary and hygiene practices for food processors, such as hotels and restaurants, to ensure that food is safe and suitable for human consumption.

Who needs an A-133 audit?

All non-federal entities that expend $750,000 or more of federal awards in a year are required to obtain an annual audit in accordance with 2 CFR Part 200-Uniform Administrative Requirements, Cost Principles and Audit Requirements for federal Awards.

What replaced a-133?

On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.

Do PPP loans require a Single Audit?

Loans obtained under the Paycheck Protection Program (PPP) are not subject to a Single Audit.

Do I need to keep receipts for FSA?

Participants and their other eligible users should always save itemized receipts for HSA, FSA and HRA-eligible purchases made with the benefit card. You may be asked to submit receipts to verify that your expenses comply with IRS guidelines.

Is OMB Circular A 128 still in effect?

OMB Circular No. A-128, “Audits of States and Local Governments,” issued in 1985, is rescinded, as a result of the consolidation of audit requirements under Circular A-133.