Fice Of Management And Budget

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OMB A-133 OMB Circular A-133 is a huge intensive United States federal government guide which is created by the Office of Management and Budget. It establishes requirements for audits of States, local governments, and Indian tribal governments which manage Federal financial assistance programs and Federal grant programs. In 1985, OMB Circular A-128, “Audits of States and Local Governments” was issued by the Office of Management and Budget (OMB). Then, in 1990, OMB Circular A-133, “Audits of Institutions Of Higher Education and Other Non-Profit Organizations”, was issued to extend the process of the single audit to nonprofit organizations. In 1996, the Single Audit Act Amendments was signed by the president, which issued the…show more content…
These compliance requirements as a Supplement, provides large amounts of information for auditors to know about the Federal program’s objectives, procedures, and compliance requirements relevant to audit objectives and audit procedures. Without the Supplement, it will ask auditors to spend a lot of time on researching laws and regulations for the audit requirements of each program that are essential to Federal Government’s regulations and have significant effects on the programs. Thus, using the Supplement of OMB Circular A-133 is a convenient and efficient way for auditors to perform audits on these programs. OMB Circular A-133 states that Federal agencies should annually inform any update of the Supplement to OMB. To inform the update, the Federal agencies must provide OMB with the current information of program objectives, procedures, compliance requirements and noncompliance requirements which are essential and necessary to the Federal programs. On the other hand, auditors should be aware of the periodical changes in the laws and regulations which might happen between the changes and revisions to the Supplement of OMB A-133. Furthermore, auditors should know that provisions of contracts and grant agreements which make changes in small details that may not be recorded as laws or regulations, so

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