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1. A-133 – Auditing Requirements
i. Available at http://www2.whitehouse.gov/circulars/a133/a133.html
ii. Applicable to both grants and contracts
iii. $500,000 or more in federally funded expenditures
2. Based on OMB Circular A-133
An audit management system should be in place, which demonstrates that the institution is well managed in accordance with its internal policies and with federal regulation. Internal and external auditors, under appropriate circumstances, need to have full access to institutional records, properties and personnel (COGR 1998).
i. Policies and procedures need to be in place:
ii. Written policy and procedures for both internal and external audit responsibilities.
iii. Policies and procedures need to be distributed to institutional responsible individuals.
iv. Procedures for recurring review of finances, compliance (administrative directives) and conformance (governmental laws and regulations).
v. Complies with government auditing requirements with respect to federal programs.
vi. Single Audit Act of 1984 (PL98-502) – Clearly specified the requirements for financial audits. http://www.ignet.gov/pande/audit/mains.html
vii. Amendments 1996 - http://www.ignet.gov/single/saamend.html
3. Grant Administrator’s Guide to preparing for an A-133 audit
i. http://www.ecostudies.org/grants.html
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