A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.