Tuesday, February 19, 2013
OMB Proposes Major Changes to Circular A-133
Posted by Grant Lam
The U.S. Office of Management and Budget (OMB) has issued for comment, proposed guidance on OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (Circular A-133), which proposes significant revisions to Circular A-133. Some of the proposed changes include increasing the single audit threshold from $500,000 to $750,000, changes to the major program determination process, reduction of compliance requirements subject to testing and revisions to cost principles. The proposed revisions may have a significant impact to certain organizations as it may impact the allowability of federal expenditures and the audit requirements to which organizations are subject to.
Grant Lam is a partner in Armanino’s San Francisco office, serving clients in the firm’s Audit practice. Grant has more than 11 years of experience auditing and consulting for companies and organizations in a broad range of industries. He works extensively with nonprofit organizations and specializes in Single Audits (OMB Circular A-133). Grant’s clients also include companies in the financial services, insurance, leasing, mortgage lending, life sciences, healthcare, private schools and government industries. Grant’s experience includes financial statement audits, reviews, compilations, general business consulting, mergers and acquisitions, and audits of federal funds (including Single Audits, HUD and Department of Energy audits).