4 7 Audit Requirements Certification Form OMB Circular a 133 or

Instructions and help about 4 7 Audit Requirements Certification Form OMB Circular A 133 Or

foreign this is Adam Jones from FMJ LLP our firm provides accounting and CFO Services exclusively for non-profit organizations today I'm going to answer the questions what is an a133 audit and what should I do to comply in a133 audit more commonly called a single audit is required of States local governments and non-profit entities that expend 500 000 or more in a year in federal awards for single audits of fiscal years beginning on or after January 1st 2015 the threshold increases to 750 000. the single audit includes comprehensive testing of an entities compliance with Federal expenditures of rules including requirements to maintain a system of internal controls and a consistent expense allocation methodology in order to comply with the a133 rules Federal fund recipients must first understand OMB circular a122 now known as two CFR part 230 which is a guide on allowable costs an organization must then formulate an allocation methodology that is acceptable for federal rules for example