Federal Officials Review Circular A-133 Audit Information.

As part of their ongoing efforts to evaluate the quality of U.S. Office of Management and Budget Circular A-133 audits (also known as single audits), federal officials are reviewing data collection form information that has been submitted to the Federal Audit Clearinghouse. The data collection form includes summary information about the auditee, its federal programs, and the results of the audit. The main purpose of the federal agency review of the forms has been to identify potential problem areas for audit quality follow-up.

The initial results of the reviews performed on a sample of data collection forms submitted in 1997, 1998 and 1999 have shown that there may be areas of Circular A133 audit work being performed that need improvement. Of particular concern is whether auditors are appropriately identifying major programs under the risk-based approach. An excerpt from the AICPA Audit Risk Alert State and Local Governmental Developments-2001 (No. 022269CPA07) that discusses the initial results of the recent federal reviews has been placed on the AICPA Web site. To order a copy of the Audit Risk Alert in its entirety, contact the CPA2Biz Customer Service Center (see page 15).

A www.aicpa.org/belt/a133main.htm