The Office of Management (OMB) released the final the 2013 OMB Circular A-133 Compliance Supplement on July 2, which can be accessed at http://www.whitehouse.gov/omb/circulars/a133_compliance_supplement_2013.
The revised Supplement is effective for audits of fiscal years beginning after June 30, 2012. Appendix V lists the changes to the Supplement.
The OMB has released proposed changes to the Data Collection Form (DCF) and its instructions. The DCF is used to summarize and submit the results of a single audit, with input from both the auditee and the auditor.
Proposed changes include a new section that will require additional information regarding the findings reported by the auditors.
A summary of the proposed changes and a copy of the proposed form and instructions can be found on http://www.whitehouse.gov/omb/financial_default under the heading “Recent News”.
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.