Governmental Financial & Compliance Audits (Yellow Book)
Our Firm has extensive experience in conducting financial and compliance audits pursuant to Yellow Book standards, including Single Audits and Program Specific audits prescribed by OMB Circular A-133. Our staff is trained in Yellow Book requirements and has met the Continuing Professional Education of the Government Auditing Standards.
OMB Circular A-133 Single Audits and Program Specific Audits
A single audit has two main objectives: (a) an audit of the entity's financial statements and the reporting on the schedule of expenditures of federal awards in relation to those financial statements and (b) a compliance audit of federal awards expended during the fiscal year.
The financial statement audit required by Circular A 133 is performed in accordance with the standards applicable to financial audits contained in Government Auditing Standards and GAAS, and it results in the auditor reporting on the entity's financial statements and on the scope of the auditor's testing of compliance and internal control over financial reporting and presents the results of those tests. Under Circular A 133, the auditor has additional testing and reporting responsibilities for compliance, as well as internal control over compliance, beyond a financial statement audit performed in accordance with Government Auditing Standards and GAAS.
A program-specific audit is an audit of an individual federal program (rather than a single audit of an entity's financial statements and federal programs). Circular A-133 states that when an auditee expends federal awards under only one federal program (excluding research and development) and the federal program's laws, regulations, or grant agreements do not require a financial statement audit of the auditee, the auditee may elect to have a program-specific audit performed in accordance with section 235 of the circular.
As a firm that specializes in government accounting and auditing, ML Weekes clearly understands the single and program specific audit requirements of A-133. Since its inception, ML Weekes has specialized in the performance of A-133 and similar financial and compliance audits.
Our audit approach is designed to provide the necessary steps to enable us to:
- Perform an audit of the financial statements for the federal/state funded program in accordance with Government Auditing Standards
- Obtain an understanding of the internal control over compliance and perform tests of the internal control over compliance for the federal/state funded program
- Perform procedures to determine whether the auditee has complied with laws, regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on the federal/state funded program