OMB Releases 2013 Compliance Supplement

omb_0The 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.

OMB Proposes Changes to Data Collection Form

omb_0The 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”.

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.