NOTE: OMB issued the final 2010 U.S. Office of Management and Budget (OMB) Compliance Supplement on July 30, 2010 which is accessible by clicking here.
OMB provided a draft of the Supplement to the GAQC (posted below) and other stakeholder organizations so that auditors could use it for planning purposes. In light of this, a new section of Appendix V summarizes the changes that have been made to the Supplement since the draft was released. If you have been using the draft Supplement for planning purposes, or perhaps even to get started on actual testing, it
is very important that you use the final Supplement for your 2010 single audits. Additionally, you should closely review the new section of Appendix V to ascertain whether anything that you might have referred to in the draft document has changed or whether there were any related additions or deletions.
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Due to a delay in the finalization of the 2010
U. S. Office of Management and Budget (OMB)
Compliance Supplement (the Supplement), the OMB has provided the GAQC and other stakeholder groups with a draft version of the Supplement so that auditors can use it to plan their single audit engagements. Typically, the Supplement is issued annually in early Spring. However, the 2010 Supplement is currently behind schedule and is going through a final clearance review process at OMB which could take at least several more weeks. Therefore, this draft is being released so that auditors can get started on their 2010 planning process. As soon the 2010 Supplement is issued in final form, we will send GAQC members a
GAQC Alert notification.
The draft Supplement includes the normal types of changes made by OMB each year. Auditors should review Appendix 5,
List of Changes for the 2010 Compliance Supplement, below to learn more about those changes. However, most importantly auditors should refer immediately to Appendix 7,
Other OMB Circular A-133 Advisories, for critical changes to the major program determination process both for situations where a client has expended funds relating to the
American Recovery and Reinvestment Act of 2009 (Recovery Act) and also in situations unrelated to the Recovery Act. To learn more about this important Appendix and changes to the major program determination process (both Recovery Act and non-Recovery Act related), you should listen to a recently held archived GAQC Web event titled:
The Recovery Act: Information You Need to Plan and Perform Your 2010 Single Audits. Because of the importance of this information, we have left this archived event open to the public.