What is the purpose of the Compliance Supplement?

What is the purpose of the Compliance Supplement?

The Compliance Supplement provides a road map that auditors must follow when performing a Single Audit (established under the Single Audit Act of 1984), and it can be used as a tool by auditees to better understand the audit process and what the auditors will be testing.

What is the Florida Single Audit Act?

The Florida Single Audit Act, Section 215.97, Florida Statutes, establishes state audit and accountability requirements for state financial assistance provided to nonstate entities.

What is a single state audit?

Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

Has the 2021 Compliance Supplement been released?

On August 12, 2021, the Office of Management and Budget (OMB) published the 2021 Compliance Supplement in the Federal Register.

Is there a 2021 Compliance Supplement?

The 2021 Addendum 1 serves as a complement to the 2021 Compliance Supplement published on August 13, 2021 (FR Doc. 2021-17363) and applies to fiscal year audits beginning after June 30, 2020.

What triggers a single audit?

What triggers the requirement for a Single Audit? Any non-federal entity that expends more than $750,000 in federal award funds during its fiscal year is required to obtain a Single Audit (or Program-specific Audit, if applicable.)

How many reports will be issued in a single audit?

As part of the Single Audit, the auditor must prepare and submit three individual reports to the recipient and to the federal government.

Who is required to have a single audit?

Currently, as a result of the Uniform Guidance, all non-federal government agencies and nonprofit organizations that expend $750,000 or more in federal awards in a given fiscal year are required to obtain a Single Audit.

Who writes Compliance Supplement?

the Office of Management and Budget
The OMB A-133 Compliance Supplement is a large and extensive United States federal government guide created by the Office of Management and Budget (OMB) and used in auditing federal assistance and federal grant programs, as well as their respective recipients.

What are the four main types of reports required of a single audit?

There are four types of audit reports: and unqualified opinion, a qualified opinion, and adverse opinion, and a disclaimer of opinion. An unqualified or “clean” opinion is the best type of report a business can get.

What is Sefa reporting?

The SEFA is a key reporting package component required by Uniform Guidance. It provides a picture of all federal awards for which an organization expended funds during its fiscal year. Auditors also use the SEFA to determine which programs listed are “major programs” or require testing in the compliance audit.

What triggers Single Audit?