What is the single audit Compliance Supplement?

Single Audit Compliance Supplement (State) The State Single Audit Compliance Supplement is a publication which assists independent auditors and state financial assistance recipients in completing the compliance testing requirements of the State Single Audit.

Is there a 2021 Compliance Supplement?

The Office of Management and Budget (OMB) issued the 2021 Compliance Supplement – 2 CFR Part 200, Appendix XI (2021 Supplement) for single audit engagements in three parts this year, including two Addenda. The first Addendum was released on Dec. 3, 2021 and the second Addendum was released on Jan. 19, 2022.

Who issues the Compliance Supplement?

Each year, the Office of Management and Budget (OMB) issues a 2 CFR Part 200, Appendix XI Compliance Supplement (Compliance Supplement).

Is a single audit a yellow book audit?

The audit encompasses both financial and compliance components. Single audits must be submitted to the Federal Audit Clearinghouse along with a data collection form, Form SF-SAC. In conjunction to any Single Audits conducted, a Yellow Book audit is also required.

What is the single audit Act?

In 1984, Congress passed the Single Audit Act, which required most governmental recipients of federal assistance (e.g., state and local governments) to have organization-wide financial and compliance audits on an annual basis.

What is a federal single audit?

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.

What does OMB mean?

Office of Management and Budget
The Office of Management and Budget (OMB) is the business division of the Executive Office of the President of the United States that administers the United States federal budget and oversees the performance of federal agencies.

Why is it called a Single Audit?

A Single Audit is when a professional auditor goes over a grantee’s financial management processes, including its financial management system and its compliance with all of its federal grant requirements. It is called a Single Audit because it combines one audit covering all of a grantee’s federal grants.

What is Single Audit status?

What is the purpose of the Compliance Supplement?

It serves to identify existing important compliance requirements that the Federal Government expects to be considered as part of a Single Audit.

What is OMB stand for?

The Office of Management and Budget (OMB) serves the President of the United States in overseeing the implementation of his or her vision across the Executive Branch. President’s Budget.