New reporting demands make single audit (A-133) compliance more difficult
Are you a governmental organization that is receiving federal grants, loans, or other awards? Has your government organization received stimulus funds under the American Recovery and Reinvestment Act (ARRA) of 2009?
If your governmental organization is receiving more than $500,000 per year in federal funding, it is subject to Circular A-133 of the Office of Management and Budget (OMB) calling for a single audit of those funds.
ARRA brings new demands for accountability
Given the widespread distribution of the stimulus funds, more and more governments are finding themselves in a position where an A-133 single audit is required. And, if ARRA funds are involved, there is an unprecedented demand for accountability and transparency requiring an unparalleled amount of data.
Quarterly reports on the ARRA funds have to be posted on Recovery.gov detailing the amount of money received, the projects funded, the status of the projects, and the number of jobs created and retained. And the General Accounting Office (GAO) has targeted 16 states in which it will conduct oversight activities relative to the spending of stimulus funds. The states include Michigan, Ohio, Illinois, Pennsylvania, Georgia, Florida, Colorado, New York, New Jersey, California, Arizona, Iowa, Massachusetts, Mississippi, North Carolina, Texas, and the District of Columbia.
Experience with A-133 single audits
In this environment of increased oversight and accountability, it is more important than ever to find a qualified team with exceptional experience. You can depend on Plante & Moran to help ensure the quality of your single audit, and to make sure your organization is in full compliance with these stringent requirements. According to nationally publicized statistics, Plante Moran completed the second most A133 single audits in the country.
Other credentials include: Our director of public sector professional standards was a founding member of the AICPA Government Audit Quality Center, an organization formed to promote the quality and value of governmental audits. Currently, one of our partners is a member of the AICPA Task Force on the Quality of Audits of Federal Funds.
Tapping into the skills and experience of Plante & Moran will help ensure that your governmental organization is well-equipped to meet A-133 compliance and the challenges of accounting for the use of federal funds.