The Office of Management and Budget (OMB) issued the Circular A-133 2005 Compliance Supplement (www.whitehouse.gov/omb/financial/ 2005_compliance_supp.html), which is not a complete reissuance of the 2004 edition.The Office of Management and Budget The Office of Management and Budget (OMB), formerly the Bureau of the Budget, is an agency of the federal government that evaluates, formulates, and coordinates management procedures and program objectives within and among departments and agencies of the Executive Branch. (OMB OMB abbr. Office of Management and Budget Noun 1. OMB - the executive agency that advises the President on the federal budget Office of Management and Budget ) issued the Circular A-133 2005 Compliance Supplement (www.whitehouse.gov/omb/financial/ 2005_compliance_supp.html), which is not a complete reissuance of the 2004 edition. The circular governs audits of entities that receive federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve . The 2005 supplement addresses only new or significantly changed information on agency program requirements and clusters of programs. For 2005 planning and review purposes, therefore, auditors should use both the 2004 and 2005 supplements. The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). audit and accounting guide, Government Auditing Standards and Circular A-133 Audits (# 012745JA), is available at www.cpa2biz.com. |
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