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This document contains the independent auditors' report, financial statements, and supplemental schedule of expenditures of federal awards for Bennett Venture Academy for the fiscal year ended June

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How to fill out Office of Management and Budget Circular A-133 Reports

1. Gather all relevant financial records and documentation for the period being reported.
2. Identify the federal awards received and ensure all expenditures are documented.
3. Verify compliance with the provisions of the federal awards.
4. Complete the Schedule of Expenditures of Federal Awards (SEFA) accurately.
5. Prepare the Data Collection Form (DCF) as required by OMB Circular A-133.
6. Ensure that the financial statements and schedules are in accordance with GAAP.
7. Select an appropriate auditor who is knowledgeable about A-133 requirements.
8. Collaborate with the auditor during the audit process, providing all necessary documentation.
9. Review the Auditor's Report once completed, and address any findings or issues.
10. Submit the final report to the Federal Audit Clearinghouse and any other necessary parties.

Who needs Office of Management and Budget Circular A-133 Reports?

1. Entities that receive federal funds, including state and local governments, non-profit organizations, and educational institutions.

People Also Ask about

What is the basic description of the office of management and budget?

OMB Circular A-123 is a US Office of Management and Budget (OMB) Government circular that defines the management responsibilities for internal controls in Federal agencies. It was first issued in 1981 by OMB's Office of Federal Financial Management and underwent numerous updates through 2016.

What is the OMB A-133 compliance supplement?

The OMB A-133 Compliance Supplement is a large and extensive United States federal government guide created by the Office of Management and Budget (OMB) and used in auditing federal assistance and federal grant programs, as well as their respective recipients.

Is OMB Circular A-133 still in effect?

On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F.

What is a-123 in government?

Strengthened Requirements In addition, A-123 requires that management perform monitoring activities that include direct testing of the controls as part of the assessment process. A-123 also requires a separate assurance statement from management on the effectiveness of internal control over financial reporting.

What does Office of Management and Budget Circular A 123 describe?

This Circular provides guidance to Federal managers on improving the accountability and effectiveness of Federal programs and operations by establishing, assessing, correcting, and reporting on management controls.

What is an A-133 audit report?

Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards' audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

What does Office of management & budget Circular A-123 describe?

This Circular provides guidance to Federal managers on improving the accountability and effectiveness of Federal programs and operations by establishing, assessing, correcting, and reporting on management controls.

For pdfFiller’s FAQs

What is Office of Management and Budget Circular A-133 Reports?

Office of Management and Budget Circular A-133 Reports are audit reports required for non-federal entities that receive federal funds. These reports ensure compliance with federal regulations and assess the financial accountability of the funds used.

Who is required to file Office of Management and Budget Circular A-133 Reports?

Non-federal entities, including state and local governments, nonprofit organizations, and institutions of higher education, that expend $750,000 or more in federal awards during a fiscal year are required to file Office of Management and Budget Circular A-133 Reports.

How to fill out Office of Management and Budget Circular A-133 Reports?

To fill out Office of Management and Budget Circular A-133 Reports, organizations must gather financial data, complete the necessary forms, including a Schedule of Expenditures of Federal Awards (SEFA), and ensure that an independent auditor has performed the audit according to the prescribed standards.

What is the purpose of Office of Management and Budget Circular A-133 Reports?

The purpose of Office of Management and Budget Circular A-133 Reports is to provide a transparent account of how federal funds are spent and to ensure accountability and compliance with federal laws and regulations governing the use of these funds.

What information must be reported on Office of Management and Budget Circular A-133 Reports?

Office of Management and Budget Circular A-133 Reports must include the Schedule of Expenditures of Federal Awards, the results of the audit, findings related to non-compliance, and a management letter summarizing the auditor's opinions and recommendations.