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Audits of States, Local Governments, and Non-Profit Organizations

Federal Register, August 12, 2002, Page 52545-52547

Agency

Office of Management and Budget.

Action

Proposed revisions to OMB Circular A-133. (Audits of States, Local Governments, and Non-Profit Organizations.)

Summary

This Notice proposes to revise Office of Management and Budget (OMB) Circular A-133, ``Audits of States, Local Governments, and Non-Profit Organizations,'' by (1) increasing the threshold for audit from $300,000 to $500,000, (2) increasing the threshold for cognizant agency for audit from $25 million to $50 million, and (3) making related technical changes to facilitate the determination of cognizant agency for audit and provide for Federal agency reassignment of oversight agency for audit.

Dates

All comments on this proposal should be in writing, and must be received by October 11, 2002. It is planned that the proposed revisions shall apply to audits of fiscal years ending after December 31, 2003, and earlier implementation will not be permitted.

Further Information

Terrill W. Ramsey, Office of Federal Financial Management, Office of Management and Budget, telephone 202-395-3812 (direct) or 202-395-3993 (main office) and e-mail: tramsey@omb.eop.gov.

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