Understanding OMB A-133

Don’t get caught off guard by an upcoming OMB A-133 Audit. 

Let’s face it, audit season is not typically the most exciting season. In fact, some people dread it. However, with the right knowledge and the right tools in place, passing an OMB A-133 or GASB 34 audit doesn’t have to be difficult.

While most people are aware of GASB 34, many people are just getting to know OMB A-133. Below we’ve included some information to help you get started.

What is OMB A-133?
OMB A-133 sets forth standards for Federal agencies in the audit of non-federal entities including States, local governments, schools, and non-profit organizations.

Who does OMB A-133 apply to?
OMB A-133 applies to all non-federal entities that expend $750,000 or more in Federal awards in a single year. Note: entities expending less are exempt from audit requirements but must still maintain records for review.

What types of information are required for an OMB A-133 Audit?
According to OMB A-133:

  • Equipment records must be maintained
  • Equipment should be used in the program for which it was acquired
  • A physical inventory should be conducted at least every 2 years
  • An appropriate control system should be in place to safeguard and maintain equipment
  • Proper procedures must be followed for the disposition of qualfied equipment

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If you’d like to speak with an expert in more detail about OMB A-133 (or GASB 34), contact Michael Borello at michael.borello@assetworks.com or 1-877-809-0600 ext. 1324.

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