April 5, 1995
CONTRACT AND GRANT OFFICERS
EXTRAMURAL FUND MANAGERS
FEDERAL SYSTEMS COMMITTEE
FEDERAL AUDIT COORDINATORS
Subject: Proposed Revisions to OMB Circular A-133
Proposed revisions to OMB Circular A-133, "Audit of Institutions of Higher Education and Other NonProfit Institutions" were published in the Federal Register on March 17, 1995. A copy of the proposed revision is available electronically through the WEB SERVER at:
/raohome/ (refer to the section titled "OMB Circulars")
If you are unable to access the WEB SERVER and would like to obtain a paper copy of the proposed revision, please notify Joan Zimmerman in our office via email at email@example.com.
Comments on the proposed revisions are due at the OMB by May 16, 1995. A draft comment letter will be prepared by the Research Administration Office and sent to you for your review shortly.
The proposed revision includes the following changes:
Increased Threshold for Audit. The threshold will be increased from $25,000 to $300,000. New Risk-Based Approach To Determine Major Programs.
Required Level of Internal Control Testing.
Guidance on the Schedule of Federal Awards. The Schedule of Federal Awards will require the listing of all federal awards by CFDA and Award Number. This requirement would apply to prime awards and flow-through awards.
Attestation on Internal Controls and Compliance.
Modified Requirements Related to Audit Findings.
Due date for submitting reports will be shortened from 13 months to 9 months.
The assigned cognizant agency shall be the Federal awarding agency that provides the predominant amount of direct funding to a recipient.
Subject Index: 04
Organization Index: F-005
David F. Mears
Research Administration Office