The US Office of Management and Budget (OMB) has issued proposed guidance that would make some significant changes to OMB Circular A-133, which provides guidance for single audits. Some of the key proposed changes follow.
An increase in the threshold for single audits to $750,000 in federal expenditures from $500,000.
An increase in the minimum threshold for the determination of Type A/B programs to $500,000 from $300,000.
Revisions to the major program determination process criteria for Type A programs designations as high-risk.
A decrease in the percentage of coverage to 40% for normal and 20% for low-risk auditees.
A reduction of the 14 types of compliance to be tested to 6.
The proposed guidance can be found at https://federalregister.gov/a/2013-02113. The comment period closes on May 2, 2013.