Circular A-133 Audits for Non-Profit Clients: Protecting Grant Eligibility

Description

Circular A-133 audits of non-profit organizations continue to be very rigorous in the aftermath of the American Recovery and Reinvestment Act of 2009, which unleashed new federal funding. The bar for audit preparation as the auditee has been raised for NPOs and their advisors.

The Office of Management and Budget Circular A-133 (with detailed post-ARRA supplements and addenda) sets rules for how federal agencies will audit NPOs that receive $500,000 or more in grants and other federal awards. These GAAP-based program audits emphasize how federal awards are being spent.

In preparing for these exams, non-profits and advisors must keep pace with current developments including the March 2011 OMB compliance supplement and August 2011 revisions to GAO Yellow Book audit standards, to name a few examples.

Listen as our panel of accounting profession veterans, who are experienced in these audits, offers you best practices to evaluate a non-profit client's documentation in the post-ARRA environment and in light of latest regulatory and standards actions.

Outline

1. Key terms of Circular No. A-133
   1. Original 1997 version
   2. Revised 2003 version
      1. Covered agencies
         1. Responsibilities of auditees
         2. Auditees’ auditor selection
      2. Audit requirements
         1. Basis for determining that federal awards have been expanded
         2. Frequency of audits
         3. Program-specific audits
2. Regulatory and guidance developments after passage of ARRA
   1. ARRA administrative regs: New transparency and accountability requirements
   2. March 2011 release of OMB compliance supplement
   3. August 2011 revisions to GAO Yellow Book
3. Single audits and what to expect from auditors
4. Experiences and recommendations for effective Circular No. A-133 audits
   1. Evaluating internal controls
   2. Reviewing terms of award program
   3. Preparing financial statements
   4. Record-keeping demands
   5. Corrective actions

Benefits

The panel will help ensure a successful audit by providing valuable guidance in these and other areas:

• Keeping pace: Analyzing the impact of developments ranging from the new OMB compliance supplement to the Yellow Book update.
• Evaluating internal controls: Making sure the non-profit is managing its awards in compliance with federal laws and regulations.
• Reviewing terms of the award program: Ensuring the client has not missed an important requirement that the auditor will catch.
• Taking corrective actions: Incorporating summary schedules of prior audits and an action plan that meets the terms of federal regulations.

Upon completing this seminar, you will be fully briefed on the material requirements of OMB Circular A-133 and the ARRA administrative regs that affect Circular A-133 audits, as well as the most recent changes in guidance and policy. An attendee will also learn best practices to thoroughly prepare NPO clients for the rigors of Circular A-133 audits.

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