Single Audit Act (A-133) Engagement Population Completeness

by David Pickering | May 18, 2016   ()

As part of its ongoing efforts to insure Peer Review Program quality, the AICPA is currently evaluating data in the Federal Audit Clearinghouse (FAC) to determine compliance with peer review requirements.

Approximately 4,600 CPA firms in the FAC database are being investigated to confirm their enrollment in a peer review program and of inclusion of their A-133 audits in their reviews.  Firms not enrolled in a peer review program may be submitted to Ethics or other appropriate enforcement body for further investigation.  Acceptance for peer reviews where single audits were improperly omitted may be recalled and a replacement peer review be required or the firm’s enrollment in the program be terminated.

 It is important that firms be aware of either the lack of enrollment or exclusion of the A-133 engagement.  Firms attempting to correct their status by enrolling and/or having a new peer review performed, prior to discovery, may experience fewer repercussions once the investigation is completed.

Source: MICPA
Source: MICPA

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