Audits of States, Local Governments, and Non-Profit Organizations
Federal Register, June 27, 2003, Page 38401
Agency
Office of Management and Budget.
Action
Revision of OMB Circular No. A-133.
Summary
The Office of Management and Budget (OMB) is issuing final revisions to Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations." The purpose of these revisions is to (1) increase the threshold for audit from $300,000 to $500,000, (2) increase the threshold for cognizant agency for audit from $25 million to $50 million, and (3) make related technical changes to facilitate the determination of cognizant agency for audit and provide for Federal agency reassignment of oversight agency for audit.
Dates
The final revisions are effective for fiscal years ending after December 31, 2003, and early implementation will not be permitted with the exception of the amendment to the definition of oversight agency for audit in Circular A-133, section --.105. The amendment to the definition of oversight agency for audit is effective July 28, 2003.
Further Information
Recipients should contact their cognizant agency for audit or oversight agency for audit or Federal awarding agency, as may be appropriate in the circumstances. Subrecipients should contact their pass-through entity. Federal agencies should contact Terrill W. Ramsey, Office of Federal Financial Management, Office of Management and Budget, 202-395-3993.