It is "OFFICIAL"
- the Office of Management and Budget (OMB)
has increased the requirement for audits of Federal Awards (single audits) from
$300,000 to $500,000.
What does this mean?
If
you currently have an OMB A-133 audit, and your direct loan, loan guarantee or
other direct or pass-through federal expenditures are under $500,000 then you
will no longer be required to have an audit.
Instead, you must file compiled financial statements with the government. (For
those with HUD programs, the electronic filing (FASSUB) is still required.)
The effective date is for fiscal years ending after December 31, 2003.
For
more details, visit:
http://www.whitehouse.gov/omb/fedreg/062703_audits.pdf.
If
you have any questions regarding this issue, please feel free to call Tom or
Gerard at (503) 244-2134. We are also available through email at
tminihan@hhc-cpa.com or
gdeblois@hhc-cpa.com.
