Economical Grant and Contract Compliance Audits
Governmental Audit Quality Center - Our firm is a member of the Governmental Audit Quality Center (GAQC), sponsored by the American Institute of Certified Public Accountants. The Center is a voluntary membership Center for CPA firms that perform audit and attestation engagements under Government Auditing Standards and OMB Circular A-133. As a member of the GAQC, we are committed to performing the highest quality not-for-profit audits. We demonstrate our commitment by voluntarily agreeing to adhere to the Center?s significant membership requirement
Independent External Audit - A nonprofit audit helps organizations comply with significant grantors? compliance requirements, board of directors' requirements or lenders' debt covenants. A nonprofit audit provides these audiences with the highest level of assurance through methodical review of the financial statements.
Federal awards come with many compliance requirements, many of which are included by reference to Circulars published by the Office of Management and Budget (OMB). Some of the most important of these publications are the following:
- OMB Circular A-133 Audits of States, Local Governments, and Non-Profit Organizations (also the A-133 Compliance Supplement)
- OMB Circular A-122 Cost Principles for Non-Profit Organizations
- OMB Circular A-110 Uniform Administrative Requirements for Grants and Agreements with Non-Profit Organizations
Recipients of federal awards must be aware of their responsibilities in the following areas:
- Separate identification of the award expenditures in the organization's accounting system
- Detailed time reports for employee costs charged to federal awards
- Internal controls over the program for which the federal award was received
- Compliance with laws, regulations, and provisions of the award agreement
- Reporting and audit requirements
Please contact us to get a proposal for your audit.