Compliance


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 circular governs audits of entities that receive federal funds. 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 audit and accounting guide, Government Auditing Standards and Circular A-133 Audits (# 012745JA), is available at www.cpa2biz.com .

SPONSORED REPORT

The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.