Government Auditing


The U.S. Office of Management and Budget (OMB) issued the Circular A-133 2006 Compliance Supplement ( www.whitehouse.gov/OMB/circulars/a133_compliance/06/06toc.html ), which identifies important federal requirements to be considered as part of an audit in accordance with the Single Audit Act and OMB Circular A-133, Audits of States, Local Government, and Not-for-Profit Organizations. The annually updated supplement contains information to help auditors understand federal program objectives, procedures and compliance requirements, as well as audit objectives and suggested audit procedures for determining compliance with these requirements. The 2006 supplement is effective for audits of fiscal years beginning after June 30, 2005, and supersedes the supplement issued in March 2004 and updated in May 2005. To order a print copy (stock number 041-001-00629-0) from the Government Printing Office, call 202-512-1800. The 2006 AICPA audit and accounting guide, Government Auditing Standards and Circular A-133 Audits (# 012746JA), contains information on implementing the circular’s provisions and 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.