Single Audits Developments due to COVID 19
March 21, 2020
Single Audit Deadline
The U.S. Office of Management and Budget (“OMB”) issued a memo on Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19). The memo brought some misconceptions regarding the single audit submission deadline. An extension has been provided; however, it was granted only to certain entities and does not apply to all recipients.
The AICPA issued an alert from the Governmental Audit Quality Center, noting the following:
“We discussed the memo with OMB staff to ensure an appropriate understanding and are providing you with a summary of that discussion to ensure the audit community is aware for purposes of discussions with your clients.”
OMB confirmed the following:
If entities are concerned about meeting the single audit submission deadlines to the Federal Audit Clearinghouse, they should contact the National Single Audit Coordinator at the cognizant or oversight agency for audit. Contacts are listed in Appendix III of the 2019 OMB Compliance Supplement.
Read the AICPA Reponses here.
Department of Education Update on Student Financial Aid.
The Department of Education issued a memo with the subject, Guidance for Interruption of Study Relating to Coronavirus (COVID-19). The memo addresses concerns on how institutions should comply with Title IV, Higher Education Act policies for students impacted by COVID-19.
Read the memo here.
Department of HUD Update
The U.S. Department of Housing and Urban Development (“HUD”) has issued an extension for audit submissions and other waivers for certain for-profit entities under the HUD Consolidated Audit Guide. A 30-day extension for submissions with a due date of 3/31/20 and 4/30/20 has been granted.
Read the AICPA alert here.
If you have questions related to COVID-19’s impact on single audits please contact Kimberly Bland by completing the contact form below.
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