OMB Proposes Changes to Circular A-133

125900153The 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.

 

 

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