What is a Single Audit in accordance with OMB Circular A-133?

A single audit is an organization-wide audit that includes both the entity's financial statements as well as its federal awards. The Office of Management and Budget (OMB) has issued Circular A-133, Audits of State, Local Governments, and Nonprofit Organizations, which requires entities spending more than $500,000 per year in federal funding to have a single or program-specific audit. This audit is required even if the federal money you receive is passed through another agency.

What does a Single Audit include?

While most audits can be performed in accordance with auditing standards generally accepted in the USA (GAAS), OMB Circular A-133 requires that the Single Audit also be performed in accordance with generally accepted government auditing standards (GAGAS).  A-133 audits, like non-federal audits, test financial statement information. However, the A-133 audit looks more closely at tracking and classifying revenue and expenditures of federal funds as well as grant compliance.
 

Why choose MMB?

In order to perform a Single Audit, auditors must comply with certain requirements.  MMB has significant experience performing single audits in accordance with OMB A-133.  We meet all the requirements necessary to perform such an audit, including the following:

•    Qualifications and Experience: Our not-for-profit team has extensive experience handling these audits. We also perform biannual staff evaluations and review each staff member’s CPE credits to insure that proper training has been completed.
•    Positive Peer Reviews: Each of our peer reviews, including our most recent peer review, has resulted in an unqualified opinion. In addition, we conduct our own internal peer review annually.
•    Continuing Educational Standards: All applicable personnel are required to have a minimum of twenty-four hours of governmental or not-for-profit specific CPE over a two year period. 
•    State Licensing Requirements: Our not-for-profit engagement personnel are all in compliance with training standards as required by current Yellow Book requirements. 
•    Independence: MMB ensures that all personnel are independent with respect to our clients in accordance with auditing standards generally accepted in the United States as well as government auditing standards, if applicable. 

 

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