Thursday, August 25, 2011

Audit Requirement for Commercial Enterprises Receiving STTR/SBIR Grants

Guest authored by Robert Tobey, CPA, Keiter Stephens

Commercial enterprises (i.e., for profit organizations) which expend at least $500,000 in STTR or SBIR funds during an enterprise’s fiscal year are required to have audits conducted in accordance with Office of Management and Budget (OMB) Circular No. 133, “Audits of States, Local Governments and Non-Profit Organizations”. However, commercial enterprises are provided two options regarding the type of audit which will satisfy this requirement.

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