American Recovery and Reinvestment Act funds come with increased compliance requirements
The K-12 public school team at Plante Moran is well-prepared to help school districts with the increased compliance requirements that accompany the education stabilization and other grants funded under the American Recovery and Reinvestment Act (ARRA). This historic infusion of funding will dramatically impact all school districts over the next several years.
If your school district expends more than $500,000 federal funds annually, the district will have to comply with the Office of Management and Budget (OMB) Circular A-133 calling for an A-133 single audit of the federal funds. Due to the infusion of ARRA funds, many smaller schools will require an A-133 audit for the first time. Like a basic financial statement audit, the A-133 audit, or single audit, validates financial information. In addition, the A-133 audit evaluates compliance with general and specific government grant requirements covering financial factors, as well as non-financial factors such as program effectiveness.
A-133 audit experience is important
Even school districts accustomed to A-133 single audits will find that the ARRA funds are subject to additional and more rigorous reporting requirements than other grants. The ARRA funds will be subject to heightened transparency and scrutiny. The federal government has promised to provide taxpayers quarterly updates on the allocation and effectiveness of the stimulus funds at recovery.gov
When you are dealing with the complexities of compliance and reporting, you can rely on the experience of the Plante & Moran team. Plante Moran performs A-133 single audits for more than 450 organizations annually, ranking second in the nation for the number of single audits performed by any CPA firm!
You can rely on the expertise of our professionals to help you navigate the complexities associated with managing federal grants and provide an A-133 audit report that can be relied upon by federal, state, and local granting agencies.
Recognized leaders in single audit quality
Plante & Moran is a recognized leader in the establishment of professional standards within the public sector. Plante Moran’s director of public sector professional standards served as 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. The national level contacts and resources we maintain provide our clients with unique access to up-to-the minute information and avenues for resolving issues that may arise.
We know how important federal grant funds are to your district in these challenging times. You can depend on the experience and expertise of our A-133 single audit team to provide the high quality guidance and reporting you will need to comply with the increased demands for transparency and accountability.