Single OMB Circular A-133 Audit Services
Mastering Financial Precision Through Single Audit Expertise
Drive your non-profit organization to excellence with SSL Associates’ professional OMB A-133 audit solutions. From Chicago to nationwide, our meticulous approach guarantees accuracy
and peace of mind.
What Is an A-133 Audit?
An Office of Management and Budget (OMB) Circular A-133 audit, now known as a Single Audit, is a comprehensive financial review required by the United States government for entities spending $750,000 or more of federally allocated funds in a fiscal year, including grants and awards.
This audit verifies that funds are used appropriately according to their designated purposes and regulatory standards. It offers assurance to federal agencies regarding the recipient’s internal controls and adherence to program requirements. Neglecting this audit can lead to significant penalties, such as the suspension or termination of funds and grants.
How Do You Determine If a Single Audit is Required?
Assessing the necessity for a Single Audit hinges on the origin of grant funds. Grants from state or local governments, often routed through the federal government as pass-through funds, require scrutiny akin to direct federal grants. It falls upon the recipient to ascertain the fund’s origins if the grant agreement doesn’t explicitly state it.
Following this, a Schedule of Expenditures of Federal Awards (SEFA) should be compiled that outlines program expenditures for the fiscal year. If these expenditures exceed $750,000, a Single Audit becomes mandatory. This audit encompasses the SEFA alongside the fundamental financial statements, ensuring compliance with federal regulations.
What's Included in Our Comprehensive A-133 Compliance Audit Services?
At SSL Associates, we conduct in-depth examinations of your financial management and operational systems to ensure entities utilizing federal funds fully meet the stringent audit requirements set by the Single Audit Act. Our single audits include:
- Tailored Audit Planning: We develop customized audit procedures aligned with the specific compliance demands of your organization.
- Internal Control Assessment: Our team performs a thorough evaluation of your internal controls over the administration of federal awards.
- Compliance Testing: We conduct detailed testing of financial transactions to verify adherence to the unique requirements of your federal programs.
- SEFA Preparation and Review: We meticulously prepare and review your Schedule of Expenditures of Federal Awards (SEFA) to confirm accurate reporting of all received and expended federal funds.
- Findings and Recommendations: We identify any compliance issues and provide detailed recommendations to enhance your systems and controls.
- Audit Report Generation: We deliver concise, clear audit reports that fulfill federal and state requirements that support your continued funding and operational success.
Don’t Lose Out on Grant Money
Enhance your financial transparency by partnering with SSL Associates for thorough Single Audits conducted under government auditing standards.
Benefits of Single Audits for Nonprofit Organizations
Discover the multitude of advantages that Single Audits offer to nonprofit organizations:
Enhanced Transparency
Single Audits provide a clear picture of your organization’s financial health and operations, instilling confidence in potential supporters and stakeholders.
Increased Credibility
By undergoing a Single Audit, nonprofits demonstrate their commitment to accountability and transparency and earn the trust of donors and funders.
Demonstrated Compliance
Single Audits verify that nonprofit organizations are utilizing funds as intended, showcasing responsible stewardship and adherence to regulatory requirements.
Efficient Resource Allocation
By ensuring funds are allocated appropriately, OMB Single Audits maximize the impact of resources on the nonprofit’s mission and programs.
Take the First Step Towards Financial Success - Contact Us Today!
Let’s Transform Your Finances Together. Schedule a Consultation to Unlock Your Path to Success with our Certified Public Accountants.
Why Opt for Our A-133 Single Audit Services?
Decades of Expertise
Tailored Methodology
Dedicated Support
Transparent Collaboration
Hear It from Our Clients
Mark Huelskoetter
Kristin Newell, Director of Finance and Administration, Evolution Soccer Club
Steve Brown, VP Business, Sabre Hockey Association
Seamus Naughton, Lake Shore Glass
Mark Huelskoetter
SSL Associates has been a trusted advisor to Wenzak for many years. Their knowledge and valuable insights around tax and reporting impacts of business issues has helped us to navigate key decisions and stay focused on our core business. We greatly appreciate the personal approach and responsiveness of the entire team.
Kristin Newell, Director of Finance and Administration, Evolution Soccer Club
When we started the not-for-profit youth travel soccer club, we quickly grew large enough that we are required to be audited by an independent accounting firm each year. We have used SSL Associates Ltd. for the past seven years and couldn’t be happier with their services. SSL also helped us make improvements to our Quickbooks so that the Audit is now very efficient. Their responsiveness and expertise in non-profit accounting has enabled our staff to stay focused on our mission of providing a competitive and positive learning environment to develop our players both on and off the field.
Steve Brown, VP Business, Sabre Hockey Association
SSL Associates, Ltd. has been an invaluable resource for our youth hockey non-profit organization. Their team’s expertise in tax compliance and financial reporting has been instrumental in ensuring transparency and accountability to our many families, donors and stakeholders. Their commitment to excellence and their deep understanding of the non-profit sector have made them an indispensable part of our success and a valued partner that we trust and rely on for their guidance.
Seamus Naughton, Lake Shore Glass
As the owner-operator of a construction company, my hours are spent focusing on the operational aspects of our business. Managing our year-end financials was an unwelcome challenge that was a large drain on my time. Having SSL Associates, Ltd. freed me to focus my attention where it best served my company, and gave me peace of mind that our accounting would be done accurately, professionally, and on time. Their ability to work hand in hand with our accounting department allows us to tackle problems as they arise throughout the year to ensure all tax & financial reporting deliverables are free of any last-minute headaches.
We’re Here to Help You
Reach out to SSL Associates now and learn about our tailored Single Audit solutions that are designed to propel your organization toward success.
We’re Here to Help You
Reach out to SSL Associates now and learn about our tailored Single Audit solutions that are designed to propel your organization toward success.
- 1064 104th Street Suite 100, Naperville, Illinois 60564
FAQs
What’s the difference between OMB Circular A-133 Audit, Single Audit, and “Audits of States, Local Governments, and Nonprofit Organizations”?
There is none! The current term for all three of these is the Single Audit. These three audits all implement the Single Audit Act Amendments of 1996, enacted on July 5, 1996 (Public Law 104-156).
How does the uniform guidance influence single audits?
The Uniform Guidance serves as an extensive framework of regulations overseeing federal grants and agreements, including the audit mandates for Single Audits. It offers detailed guidance on the purpose, objectives, roles, and responsibilities inherent in these audits to ensure uniformity and standardization across entities benefiting from federal funding. Additionally, the guidance, supplemented by Compliance Supplements, addresses the distribution of over $600 billion in federal grants annually, underscoring its significance in maintaining fiscal accountability and transparency.