The requirement for an audit is established by grant assurance #13 and by reference to Federal Regulation 49 CFR Part 18. Sponsors that expend $500,000 or more in an year in Federal funds must have a single or program-specific audit conducted for that year in accordance with the Single Audit Act of 1984 (as amended) and OMB Circular A-133 "Audits of States, Local Governments and Nonprofit Organization". The $500,000 threshold represents all Federal funding sources.
For Sponsors that expend less than $500,000 of Federal funds in a year, the audit requirements shall be those prescribed by local and State regulation.
Audits are to be conducted by an independent auditor in accordance with generally accepted auditing standards covering financial audits and standards presented within OMB Circular A-133. The Sponsor shall keep a copy of the audit report on file for three years from date of issuance.
Sponsor’s can no longer mail audit reports to the Federal Clearinghouse. Once complete, the Sponsor shall submit the audit report online to the Federal Audit Clearinghouse at http://harvester.census.gov/fac/.
Page Last Modified: 08/20/12 11:30 EDT
This page can be viewed online at: http://www.faa.gov/airports/central/airport_compliance/audit/