GAQC Alert No. 236 


    GAQC Alert
     
    OMB Issues Long Awaited Grant Reform Rules
           
      AICPA
    December 19, 2013
    GAQC Alert #236
     
     
    In This Alert
       
    OMB Issues Long Awaited Grant Reform Rules
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    Dear Center Members
    This morning, the U. S. Office of Management and Budget (OMB) took a major step to issuing its long-awaited final grant reform rules in a document titled, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. By law, this document must be made available for public inspection for at least one business day before final publication in the Federal Register. In this case, because of the importance and complexity of the final grant reform rules, the OMB has issued an online public inspection version of the new rules on the Public Inspection Web page of the Federal Register. The final grant reform rules are expected to be published in the December 26th Federal Register at http://federalregister.gov/a/2013-30465. No substantive changes are expected to be made from the version posted today. OMB is also planning to post supporting material, including a crosswalk from the existing single audit rules to the new rules, on the "Policy Statements" section of its Web site shortly following the December 26th Federal Register issuance.

    The threshold for audit will be increased to $750,000 as had previously been proposed. With regard to the effective date of the new rules, it is our understanding that they will be effective for single audits of years beginning on or after January 1, 2015. That is, the first single audits that will be affected by the new rules will be December 31, 2015, year ends. Both auditees and auditors will need the time between now and the effective date to understand the new rules in such a manner as to effectively implement them both from a compliance and audit standpoint.

    The OMB and the Council on Financial Assistance Reform (COFAR) will host a Webcast to discuss the new guidance tomorrow, December 20, 2013, at 11:45 AM (Eastern). The COFAR Web site www.cfo.gov/cofar will be updated later today to include more information about the Webcast and registration instructions.

    The GAQC will be working over the upcoming weeks and months to analyze the final grant rules and their effect on your single audits. Rest assured that we will be mobilizing to provide our members with key information and resources relating to the new rules in the form of GAQC Alerts and Web events, guidance documents, and more.

    As we close out this year, the GAQC team wishes all of our members a happy and joyous holiday season. We also look forward to the upcoming year as we will be commemorating the GAQC's 10th anniversary. What better way to do so than assisting our members in understanding these comprehensive new rules and by working towards an implementation that results in high quality audits going forward.

    Happy holidays!
     
    *   *   *   *   *
    Sincerely,

    AICPA Governmental Audit Quality Center

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