The U.S. Office of Management and Budget (OMB) has released guidance on potential changes to the A-133 single audit process. The office issued its proposed guidance, Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards, which would institute several key changes:
- Raising the A-133 single audit threshold from $500,000 to $750,000
- Revisions to how an auditor selects programs to audit when performing an A-133 audit
- Revisions to the percentage of coverage requirements that set the floor for the percentage of award expenditures that must be included with the audit
- Reductions to the types of compliance requirements to be tested
- Revisions to the requirements related to reporting findings
- Consolidated OMB cost circulars
The proposed guidance differed from the advance notice in several areas. Notably, the proposed threshold of $750,000 was lower than last year's proposal of $1 million, and last year's draft included a proposal for two levels of A-133 audits instead of one that was not included in the most recent proposal.
Comments can be submitted online and are due May 2.