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Library: Policy

340:105-10-110. Audits of local governments and nonprofit organizations expending $500,000 or more in federal funds from all sources

Revised 5-12-05

(a) Policy.  Local governments and nonprofit organizations expending $500,000 or more in federal funds from all sources in a year are required to obtain annual audits on such funds unless the grantee has a constitutional or statutory requirement for less frequent audits.  All audits and accompanying reports must comply with the appropriate Federal Register Office of Management and Budget (OMB) Circular, as described in (c) of this Section.

(b) Authority.  The authority for this Section is OMB Circular A-133; the Single Audit Act Amendments of 1996, Public Law 104- 156; and Section 212A of Title 74 of the Oklahoma Statutes.

(c) Procedures.  Audits:

(1) are subject to the provisions of OMB Circular A-133 and the Single Audit Act Amendments of 1996.  Each audit states it is made in accordance with the provisions of OMB Circular  A-133;

(2) meet the content and format requirements of Circular  A-133;

(3) are arranged by following the procurement standards of OMB Circular A‑102, Grants and Cooperative Agreements with State and Local Governments or Circular A‑110, Uniform Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals and Other Non-Profit Organizations;

(4) are made by a certified public accountant (CPA) who meets the independence standards specified in government auditing standards.  Selected auditors are registered with the office of the Oklahoma Accountancy Board and have a current permit to practice;

(5) are made in accordance with generally accepted government auditing standards covering financial and compliance audits;

(6) encompass the grantee's fiscal year; and

(7) are supported by working papers available for review by the Oklahoma Department of Human Services.

(d) Cross references.  See OAC 340:105-10-106 through 340:105-10-109 and 340:105-10-110.1 through 340:105-10-113.

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