OMB issues revision to circular A-133 addressing SAS No. 112; illustrative reports, other related guidance available.

• Position: Regulatory matters

The Governmental Audit Quality Center staff and a volunteer task force have been working closely with the U.S. Office of Management and Budget and several other federal agencies to determine how SAS No. 112, Communicating Internal Control Related Matters Identified in an Audit, internal control terminology and definitions will be implemented in single audit reporting. As a result, on June 26, the OMB issued a Federal Register notice, Revisions to OMB Circular A-133, which can be accessed at www.whitehouse.gov/omb/fedreg/2007/062607_audits.pdf. The notice revises the Circular to, among other things, adopt updated terminology consistent with SAS No. 112 requirements effective for single audits of...