... opinion as to whether the schedule of federal awards is presented fairly in allmaterial respects in relation to the financial statements as a whole An opinion on whether the financial statements ... Circular A-133 The threshold for requiring a single audit is $500,000. The office of Management and Budget issueda revised Circular A-133, Audits of States,Local Governments, and Non-ProfitOrganizations, ... Arens/Beasley/Elder 26 - 15Audit Requirements The auditor should determine whether the clienthad complied with the laws, regulations, and the provisions of contracts or grant agreementsthat may...