OMB Circular A-133 Exposure Draft

AIMD-95-159R: Published: Jun 19, 1995. Publicly Released: Jun 19, 1995.

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GAO commented on the proposed revision to the Office of Management and Budget (OMB) Circular A-133. GAO noted that: (1) entities that receive over $50 million in federal financial assistance should publicly report on the effectiveness of their internal controls over program funds; (2) the triennial approach for single audits would reduce the potential benefits of the revision and could confuse users about the audit reports; (3) all entities subject to the circular's audit provisions should submit a copy of their audit report, for review by federal agency personnel; and (4) the circular should be revised to require summary reporting on the results of single audits.

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