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ABOUT CIRCULAR A-133 Circular A-133, formally known as "Audits of States, Local Governments, and Non-Profit Organizations" and colloquially called "the Single Audit Act," sets forth audit requirements for any organization which expends $500,000 or more of federal funds in any one year. Such an organization is subject to an audit, described in the circular and reportable to the Office of Management and Budget; accounting professionals refer to these audits as "A-133's" or -- more abstrusely -- "single audits," as a bow to the legislation which created the requirement. A-133 audits not only require more testing -- that is, you have to get out a lot more stuff for us to look at, and then put it back -- but necessitate more reports and the completion of the vision-blurring Data Collection Form, which accountants and bookkeepers call the DCF, and the government calls Form SF-SAC. This three-page document must be filled out, signed by both the auditor and the audited organization's management, and sent to Kansas with an attached copy of the audited financial statements. No surprise that this entails an added cost to you. |