What is a FAC report?
The Federal Audit Clearinghouse (FAC) operates on behalf of the Office of Management and Budget (OMB). Its primary purposes are to: Distribute single audit reporting packages to federal agencies. Support OMB oversight and assessment of federal award audit requirements. Maintain a public database of completed audits.
What is SF sac?
Form SF-SAC contains general information on the auditee and auditor, audit information on the entity’s financial statements, and information on federal program compliance.
What is the standard filing deadline with the Federal Audit Clearinghouse?
The audit package and the data collection form shall be submitted 30 days after receipt of the auditor’s report(s), or 9 months after the end of the fiscal year —whichever comes first.
What is an A-133 single audit?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
Are Subrecipients required to have a Single Audit?
If the subrecipient is required to have a Single Audit, and it is not their first Single Audit, the pass-through entity may determine them to be lower risk. This is because they will have had experience with federal funding. A Single Audit is required if the organization expends $750,000 or more in federal assistance.
What is a UG audit?
Related Pages. OMB’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires annual audits of States, Local Governments, and Non-Profit Organizations that receive federal funding exceeding $750,000.
Has the 2021 Compliance Supplement been released?
The Office of Management and Budget (OMB) issued the 2021 Compliance Supplement – 2 CFR Part 200, Appendix XI (2021 Supplement) for single audit engagements in three parts this year, including two Addenda. The first Addendum was released on Dec. 3, 2021 and the second Addendum was released on Jan. 19, 2022.
Who is responsible for the data collection form?
The Data Collection Form is created online and a physical copy is sent with the Single Audit reporting package to the FAC, certified by both the recipient and the auditor.
What is the difference between a subrecipient and a contractor?
A contractor is defined as an entity that receives a contract. A subrecipient is defined as a non-federal entity that receives a subaward from a pass-through entity to carry out part of a federal program, but does not include an individual that is a beneficiary of such a program.
What is the difference between a beneficiary and a subrecipient?
A subrecipient would be required to return unused funds to the pass-through entity. A beneficiary only would be required to return any improperly obtained or used funds.
What is the difference between an audit and a Single Audit?
Single Audits cover the entire organization’s financial operations, and are substantially more detailed than a regular independent audit.
Did uniform guidance replace a-133?
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.
Who issues the Compliance Supplement?
The Office of Management and Budget (OMB) issued the 2022 Compliance Supplement – 2 CFR Part 200, Appendix XI (2022 Supplement) for single audit engagements.
What is the FAC image management system user’s manual?
This user’s manual contains essential information that will enable the user to make full use of the Federal Audit Clearinghouse (FAC) Image Management System (IMS). It includes an overview of the dissemination/query system and detailed instructions on how to properly navigate the website.
What is the public user’s Manual for IMS?
FAC/IMS Public User’s Manual May 2020 Page 4 of 56 1 INTRODUCTION This user’s manual contains essential information that will enable the user to make full use of the Federal Audit Clearinghouse (FAC) Image Management System (IMS).
What is the FAC/IMS?
The FAC/IMS is a web-based system for public users to query and download selected data elements from single audit submissions. The FAC does not alter any data reported, nor does it scrutinize or alter any reporting package for the purposes of redaction and distribution.
How many files are in the public user’s manual?
FAC/IMS Public User’s Manual May 2020 Page 25 of 56 o All: this file contains all 12 files above to comprise the complete single audit dataset for submissions with the selected fiscal years.