Planning Federal Materiality by Compliance Requirement (6) CFAE included the typical monetary vs. nonmonetary determinations for each compliance requirement in this program. However, auditors should tailor these assessments as appropriate based on the facts and circumstances of their entity’s operations. See further guidance below. (1) (2) (6) (6) (3) (4) (5) (5) (6) If monetary, Direct & population Applicable per material to Final control subject to Compl. program / Monetary or Inherent risk risk (CR) Detection risk of Overall audit risk Federal materiality by require. Suppl. entity nonmonetary (IR) assess. assess. noncompl. of noncompl. compl. requirement typically 5% of population subject to Compliance Requirement (Yes or No) (Yes or No) (M/N) (Dollars) (High/Low) (High/Low) (High/Low) (High/Low) requirement A Activities Allowed or Unallowed Yes M 5% B Allowable Costs/Cost Principles Yes M 5% C Cash Management Yes N 5% D Reserved E Eligibility No F Equipment & Real Property Mgmt No Mat. & Ear. = G Matching, Level of Effort, Yes 5% M Earmark MOE = N H Period of Availability Yes M 5% (Performance) I Procurement & Sus. & Debarment No J Program Income Yes M 5% K Reserved L Reporting Yes N 5% M Subrecipient Monitoring Yes N 5% N Special Tests & Provisions Yes N 5% Participation of Private School Children N Special Tests & Provisions Yes N 5% Schoolwide Programs (1) Taken from Part 2, Matrix of Compliance Requirements, of the OMB Compliance Supplement (). When Part 2 of the Compliance Supplement indicates that a type of compliance requirement is not applicable, the remaining assessments for the compliance requirement are not applicable.
Planning Federal Materiality by Compliance Requirement (6) CFAE included the typical monetary vs. nonmonetary determinations for each compliance requirement in this program. However, auditors should tailor these assessments as appropriate based on the facts and circumstances of their entity’s operations. See further guidance below. (1) (2) (6) (6) (3) (4) (5) (5) (6) Compliance Requirement Applicable per Compl. Suppl. Direct & material to program / entity Monetary or nonmonetary If monetary, population subject to require. Inherent risk (IR) assess. Final control risk (CR) assess. Detection risk of noncompl. Overall audit risk of noncompl. Federal materiality by compl. requirement (Yes or No) (Yes or No) (M/N) (Dollars) (High/Low) (High/Low) (High/Low) (High/Low) typically 5% of population subject to requirement A Activities Allowed or Unallowed Yes M 5% B Allowable Costs/Cost Principles Yes M 5% C Cash Management Yes N 5% D Reserved E Eligibility No F Equipment & Real Property Mgmt No G Matching, Level of Effort, Earmark Yes Mat. & Ear. = M MOE = N 5% H Period of Availability (Performance) Yes M 5% I Procurement & Sus. & Debarment No J Program Income Yes M 5% K Reserved L Reporting Yes N 5% M Subrecipient Monitoring Yes N 5% N Special Tests & Provisions Participation of Private School Children Yes N 5% N Special Tests & Provisions Schoolwide Programs Yes N 5% (1) Taken from Part 2, Matrix of Compliance Requirements, of the OMB Compliance Supplement (). When Part 2 of the Compliance Supplement indicates that a type of compliance requirement is not applicable, the remaining assessments for the compliance requirement are not applicable.
A133%20FACCR%2084287%2021st%20Century%202015%20(non-ARRA%20non-UG)%20Sept15.docx