Members and staff of the American Institute of CPAs’ (AICPA) Governmental Audit Quality Center have wrapped up their annual review of the draft version of the U.S. Office of Management and Budget (OMB) 2015 Compliance Supplement. The AICPA’s feedback to OMB focused in on the most significant proposed revisions relating to the incorporation of the new OMB grant regulation, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Additionally, the AICPA provided feedback on the normal programmatic changes proposed for this upcoming year.
While the review of the Compliance Supplement each year is somewhat of an informal process, the AICPA’s feedback to OMB is critical in light of the importance of the Supplement for auditors of those non-profit organizations, state and local governments and tribal governments that are administering federal financial assistance programs. The audits are often referred to as “single audits.” The Compliance Supplement identifies existing important compliance requirements that the federal government expects to be considered as part of a single audit, as well as related auditor guidance.
OMB is expected to issue the Compliance Supplement in spring 2015 in order for auditors to use it for audits of fiscal years beginning after June 30, 2014.