In early August, the Office of Management and Budget (OMB) released the most recent Compliance Supplement which provides a list of Single Audit requirement updates. Included in those updates are the following:
Additional programs have been added to the high-risk designation which is expected to increase the number of major programs. These high-risk programs include the Education Stabilization Fund, the Coronavirus Relief Fund, and the Provider Relief Fund. All three of those programs were part of the federal government’s COVID-19 relief efforts.
Auditees are still required to identify awards funded through COVID-19 relief separately on the Schedule of Expenditures of Federal Awards (SEFA) and data collection form to maximize transparency. The compliance supplement also provides clarification on when funding from the Provide Relief Fund program is to be included in the SEFA and what expenditures are eligible .
Even though filing extensions have been granted, OMB strongly encourages all auditees and auditors to file as quickly as possible.
Reach out to your advisors for further assistance with the new single audit requirements.