Fall 2010 issue of Horizons

Public Sector/Colleges & Universities

How the Revisions to the Single Audit Rules Affect You By Ted Williamson, CPA

On July 29, 2010, the Office of Management and Budget (OMB) issued the 2010 OMB Circular A-133 Compliance Supplement. The compliance supplement, which is issued annually, provides guidance on the requirements that organizations receiving federal awards must follow and instructs auditors how to audit these requirements as part of the single audit. In most years, the new edition of the compliance supplement contains only minor updates to the requirements associated with a handful of programs. However, the 2010 edition of the compliance supplement contains a vast

number of new requirements and revisions to existing requirements, primarily relating to programs funded by the American Recovery and Reinvestment Act (ARRA). It is imperative that organizations receiving federal awards understand these new requirements and ensure that they are in compliance with them. Single Audit Background The single audit is a compliance audit to determine that an organization is complying with the requirements associated with the federal awards that it receives.

www.rubinbrown.com

52