Straightforward guidance on audit, tax, and advisory topics—curated by our team to help you make confident decisions.
No, OMB Circular A-133 is no longer in effect. It was officially replaced by the Uniform Guidance (2 CFR Part 200, Subpart F) on December 26, 2014. The Uniform Guidance streamlined federal grant management by consolidating multiple OMB circulars, including A-133, into a single set of regulations.
Organizations that receive federal funding must comply with strict auditing requirements to ensure financial accountability and regulatory adherence. Single Audits, formerly governed by Circular A-133, must follow Generally Accepted Government Auditing Standards (GAGAS) and the Uniform Guidance (2 CFR Part 200, Subpart F).
A compensation audit is a detailed review of employee wages, job classifications, and benefits to ensure fairness, legal compliance, and accurate insurance premium calculations. Businesses conduct these audits to verify that employees are being paid equitably, that their job roles are classified correctly, and that they meet regulatory requirements.
A Single Audit (formerly A-133) is mandatory for entities expending $750,000 or more in federal funds. Learn about the transition to Uniform Guidance, GAGAS requirements, and how to ensure your organization remains compliant.
Internal audits are essential for evaluating risk management, governance, and internal controls. Learn the definition, the four-step audit process, and how these reviews differ from external audits to improve your organization's efficiency and compliance.
A workers’ compensation (workers’ comp) audit is a routine process that ensures businesses pay the correct insurance premium based on actual payroll and job classifications. Ignoring this audit can have serious consequences, including penalties, policy cancellation, and difficulty securing future insurance.
The audit process is a systematic approach designed to evaluate an organization’s financial, operational, or compliance activities. By following a structured series of steps, auditors can ensure thorough and accurate assessments. Here are the seven key steps in the audit process:
Component auditing involves auditing specific subsidiaries or divisions for inclusion in a group’s consolidated financial statements. Learn about the role of component auditors, how they differ from referred-to auditors, and best practices for coordinating complex group audits under ISA 600 and PCAOB standards.
Auditing a hedge fund is a structured process that ensures the fund’s financial statements are accurate, compliant, and transparent. The process involves several key steps, each critical to delivering a thorough and reliable audit.
Receiving notice of a tax audit can feel intimidating, but it doesn’t automatically signal wrongdoing. A tax audit means that tax authorities are reviewing your financial records to confirm compliance with tax laws and ensure you’ve accurately reported your income, deductions, and credits.
Audits are an essential tool for maintaining an organization’s integrity, compliance, and operational efficiency. A well-prepared audit ensures that businesses remain transparent and accountable to both internal and external stakeholders. To prepare for a successful audit, organizations should use a checklist that covers key areas of focus. Below are the five critical checklist items to ensure a smooth audit process:
Canada offers a strong economy, universal healthcare, and world-class education. Whether you are a student, entrepreneur, or skilled worker, this guide explains the essential immigration steps and helps you avoid common application mistakes.
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