Frequently Missed Issues for OMB Circular A-133 Audits

Peer reviews and AICPA Professional Ethics Division Investigations have found that substandard A-133 audits are prevalent. This has been confirmed by the President’s Council on Integrity and Efficiency’s (PCIE) research project "National Statistical Sample for Audit Quality". This course addresses the deficiencies noted in that project, and the new SAS No. 117 on Compliance Auditing that addresses many of them. It also addresses the impact that SAS No. 115 will have on the report on internal control over financial reporting and internal control over compliance and the AICPA’s new practice aids on internal control and the Schedule of Federal Awards (SEFA).

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