COM 0568.000 1996-1998 - Laserfiche WebLink

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OMB Circular No. A-133 http://wwwl.Whitehouse.g...circulars/a133/a133.htm1 (a) Withholding a percentage of Federal awards until the audit is completed satisfactorily; (b) Withholding or disallowing overhead costs; (c) Suspending Federal awazds until the audit is conducted; or (d) Terminating the Federal award. § .230 Audit costs. (a) Allowable costs. Unless prohibited by law, the cost of audits made in accordance with the provisions of this part are allowable charges to Federal awards. The chazges may be considered a direct cost or an allocated indirect cost, as determined in accordance with the provisions of applicable OMB cost principles circulars, the Federal Acquisition Regulation (FAR) (48 CFR parts 30 and 31), or other applicable cost principles or regulations. (b) Unallowable costs. Anon-Federal entity shall not chazge the following to a Federal award: (1) The cost of any audit under the Single Audit Act Amendments of 1996 (31 U.S.C. 7501 et seq.) not conducted in accordance with this part. (2) The cost ofauditing anon-Federal entity which has Federal awazds expended of less than $300,000 per yeaz and is thereby exempted under §_.200(d) from having an audit conducted under this part. However, this does not prohibit apass-through entity from chazging Federal awards for the cost of limited scope audits to monitor its subrecipients in accordance with §_.400(d)(3), provided the subrecipient does not have a single audit. For purposes of this part, limited scope audits only include agreed-upon procedures engagements conducted in accordance with either the AICPA's generally accepted auditing standazds or attestation standazds, that are paid for and arranged by apass-through entity and address only one or more of the following types of compliance requirements: activities allowed or unallowed; allowable costs/cost principles; eligibility; matching, level of effort, eatmazldng; and, reporting. §_.235 Program-specific audits. (a) Program-specific audit guide available. In many cases, aprogram-specific audit guide will be available to provide specific guidance to the auditor with respect to internal control, compliance requirements, suggested audit procedures, and audit repotting requirements. The auditor should contact the Office of Inspector General of the Federal agency to determine whether such a guide is available. When a current program-specific audit guide is available, the auditor shall follow GAGAS and the guide when performing aprogram-specific audit. (b) Program-specific audit guide not available. (1) When aprogram-specific audit guide is not available, the auditee and auditor shall have basically the same responsibilities for the Federal program as they would have for an audit of a major program in a single audit. (2) The auditee shall prepaze the financial statement(s) for the Federal program that includes, at a minimum, a schedule of expenditures of Federal awards for the program and notes that describe the significant accounting policies used in preparing the schedule, a summary schedule of prior audit findings consistent with the requirements of §_.315(b), and a corrective action plan consistent with the 12 of 32 10/20/97 11:15:33