OMB Compliance Addendum
The Office of Management & Budget (OMB) recently provided some relief to Single Audit Practitioners by extending a couple of deadlines for Audit filing by 3 months, post releasing late guidelines on COVID-19 scenario.
These Practitioners also received essential information from OMB to complete their engagements as an addendum to the 2020 OMB Compliance Supplement. The 3 month extension is applicable for all Single Audits ending through September 30, 2020 only if the recipient received some kind of COVID-19 funding.
Additionally, a recipient or sub-recipient need not seek an approval from the OMB for this extension; however, the addendum suggests required documentation to be maintained to justify delayed filing. The addendum also addresses other queries on new COVID-19 funding, especially those established by the Coronavirus Aid, Relief and Economic Security (CARES) Act, P.L. 116-136.
The released addendum has largely benefitted all Single Audit practitioners by providing clear insights on federal expectations with regard to compliance requirements and advisable audit procedures specific to new COVID-19 funding received by clients. The key addendum provisions had also been released by the AICPA Governmental Audit Quality Center on their website.
It’s important to note that the previous extensions granted by the OMB against COVID for Single Audits applicable for 2019 fiscal year end already expired on Dec 31, 2020.