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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.
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.
Without it, auditors would need to research many laws and regulations for each single program of a recipient to determine which compliance requirements are important to the Federal Government. For Single Audits, the Supplement replaces any agency audit guides and other audit requirement documents for individual Federal programs. [1]
Jerry Blanton, then the state’s top monitor at Thompson Academy, asked for a special audit team to review the program. The resulting report found the facility to be seriously understaffed and unsanitary, and that staff were dismissive of grievances filed by youths housed there.
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 ...
Less than a week after deciding to push this levy, the board issued a Nov. 12 news release stating that the district would not undergo a forensic audit before the February vote.
World leaders have offered their condolences following the death of former US President Jimmy Carter, who passed away Sunday at the age of 100.
Tesla pledged to keep fighting for Elon Musk's $56 billion pay to be restored, a battle that could make it all the way to the highest US court.