2007 OMB Circular A-133 Compliance Supplement issued.

In May, the Office of Management and Budget issued the 2007 OMB Circular A-133 Compliance Supplement. The supplement, which is updated each year, identifies important compliance requirements that the federal government expects to be considered as part of an audit in accordance with the Single Audit Act and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Appendix V, List of Changes for the 2007 Compliance Supplement (www.whitehouse.gov/omb/circulars/al33_compliance/07/app_5.pdf), is a key piece of guidance that...