Discussion:Yellow Book / Single Audit?
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Accounting Questions --> Yellow Book / Single Audit?
NorthernCalCPA (talk|edits) said: | 22 April 2009 |
| A private school is applying for eligibility to have their students be able to apply for federal student loans. They are not covered by single audit because they have not received any federal grant, is this covered by yellow book standards? Or am I missing something?
Thanks. | |
| 22 April 2009 | |
| You are correct. The school will not be required to have a single audit until they are approved for the federal grant. After that, they are required to have an annual audit for each year that the school receives funds of at least $25,000.
This is actually not a yellow book book audit but an A-133 audit (OMB Circular A-133). | |
| 22 April 2009 | |
| I could be missing something here, but doesn't A-133 only require a single audit when an entity expends more than $500,000 of federal funds?
Houstonp, you might be referring to a requirement specific to private schools that I'm not familiar with though. | |
| 22 April 2009 | |
| TPT is correct as the A-133 guidelines were changed a wee bit ago. | |
To join in on this discussion, you must first
log in.
