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In the United States, the Single Audit, Subpart F of the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of federal assistance (commonly known as federal funds, federal grants, or federal awards) received for its operations.
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...
It is considered to be the most important tool of an auditor for a Single Audit. It was created following amendments in 1996 to the Single Audit Act based on numerous studies performed by the Government Accountability Office, the President's Council on Integrity and Efficiency and the National State Auditors Association (NSAA). It serves to ...
To facilitate a recipients' compliance with federal laws and regulations, and as well as its annual Single Audit, the OMB created fourteen basic and standard compliance requirements that recipients must comply with when receiving and using such federal assistance. The OMB also provides detailed explanations, discussions, and guidance about them ...
A Certified Government Financial Manager (CGFM) is a professional certification issued by the Association of Government Accountants (AGA) in the United States.It was created in 1994 to provide a professional standard of financial expertise and ethics in government and a standard by which government financial management professionals are measured.
The Federal Audit Clearinghouse (FAC) is an office within the United States federal government.In compliance with the U.S. Office of Management and Budget (OMB) Circular A-133 Revised, the FAC is in charge of receiving, processing and distributing to U.S. federal agencies the Single Audit reporting packages of thousands of recipients of federal assistance.
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