The Federal Office of Management and Budget (OMB) recently released the final 2012 OMB Circular A-133 Compliance Supplement effective for audits of fiscal years beginning after June 30, 2011. The supplement — among the most critical pieces of guidance related to performing single audits — identifies the important compliance requirements the federal government expects to be considered as part of a single audit.
If you are responsible for management of federal programs for your organization, you should familiarize yourself with the compliance requirements and what your auditors will be focusing on.
The latest issue of the MHM Messenger from Mayer Hoffman McCann provides an overview of the changes most relevant to not-for-profit and nonprofit organizations, including these areas:
- National Science Foundation (NSF) awards
- ARRA high-risk determination
- FFATA reporting
- Sub-recipient monitoring
- Appendix VII