On March 25, 2020, the GAQC issued comprehensive comments to the Office of Management and Budget (OMB) on its notice of Proposed Guidance titled, Guidance for Grants and Agreements. We informed you about these proposed revisions in GAQC Alert #395. The GAQC supported the overall update of the regulation; however, we offered a number of comments that need OMB consideration before the final regulation is issued. Among the areas where GAQC expressed significant concerns include the following:
Effective Date
Revised Definitions of Internal Control
Period of Performance
Procurement
Single Audit Study of Audit Quality