OMB Proposed Circular A-133 Changes
In February 2012, the Office of Management and Budget (OMB) issued a public notice of proposed changes to the current Circular A-133. The proposal is comprised of three reforms, which include changes to audit requirements, cost principles and administrative requirements. The OMB indicated the purpose of the proposal is to reduce administrative burden, focus more resources on higher-dollar and higher-risk areas, and adopt a risk-based approach for single audits. There is no indication of when the proposed changes would be put into effect.
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