GAO: Guidance for single audits should be more timely, responsive

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April 3, 2021

GaO: Guidance for single audits should be more timely, responsive The timing and content of key yearly federal guidance provided to single audit praCTitioners needs to be more responsive to auditors’ input and needs, according to a U.S. Government accountability Office (GaO) report to Congress. In a Report to Congressional Committees, the GaO called on […]

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GAO: Guidance for single audits should be more timely, responsive

The timing and con of key yearly federal guidance provided to single audit practitioners needs to be more responsive to auditors’ input and needs, according to a U.S. Government Accountability Office (GAO) report to .

In a Report to Congressional Committees, the GAO called on the Office of Management and Budget (OMB) to implement appropriate meures to better ensure that the yearly Compliance Supplement used by single audit practitioners is responsive to users’ input and needs.

Representatives from the AICPA were among those who worked with the GAO it prepared its recommendations.

Single audits, which are required of certain organizations that spend $750,000 or more in federal funding in a year, are required to be conducted under generally accepted government auditing (also known GAG, G, and Yellow Book ).

The Compliance Supplement, which is published each year by OMB, provides auditors with information on federal programs’ objectives, procedures, and compliance requirements and practitioners design single audit procedures to determine award recipients’ compliance with laws, regulations, contracts, and grant agreements.

The GAO report notes that in 2010, the GAO recommended that OMB issue the Compliance Supplement by March 31 each year to give practitioners time to effectively plan their audits and conduct interim testing. But the report states that in the lt three years, OMB h issued its Compliance Supplements in May 2018, August 2019, and August 2020, with additional guidance related to COVID19 relief programs and other existing programs issued in December 2020.

“Delays in issuing guidance could adversely affect auditors and the results and timing of their work and may lead to inconsis reporting,” the GAO said.

Delays in guidance ultimately could also affect award recipients’ of corrective actions, according to the report.

A request for comment from OMB w not immediately returned.

The GAO’s recommendations are aligned with feedback the AICPA Governmental Audit Quality Center (GAQC) h provided to OMB regarding the annual Compliance Supplement both in formal communications (see the GAQC COVID-19 Resource page) and in less formal discussions and comments filed with OMB.

Concerns expressed by the GAQC have included:

“Ultimately, the GAQC h raised these concerns, , without improvements, single audit performance and audit results that are reported may be negatively impacted,” said Mary Foelster, CPA, the AICPA’s senior director–Governmental Auditing and Accounting. “This is especially troubling in light of the msive amounts of COVID19 funding becoming subject to single audit and the reliance federal agencies will be placing on single audits of recipients of such funding.”

According to the GAO report, OMB did not provide a timeline for issuing the 2021 Compliance Supplement but stated that it believes there is currently an appropriate balance between the timeliness of issuing the Compliance Supplement and the consideration given to comments by stakeholders.

The report also stated that:

According to the report, OMB stated that in developing the Compliance Supplement, it solicits comments from members of the audit community and makes revisions appropriate before issuing the final guidance. But the report said members of the audit community are not clear on OMB’s decisionmaking process for resolving concerns raised during the comment period.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.


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GAO: Guidance for single audits should be more timely, responsive The timing and contENT of key yearly fedeRAl guidance provided to single audit pRActitioners needs to be more responsive to auditors’ input and needs, according to a U.S. GovernmENT Accountability Office (GAO) report to Congress. In a Report to Congressional Committees, the GAO called on […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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