OMB Releases 2014 Compliance Supplement
Earlier this week, the U.S. Office of Management (“OMB”) issued its 2014 OMB Circular A-133 Compliance Supplement (“the Supplement”). Viewed as essential guidance for performing single audits, the Supplement recognizes important compliance requirements the government expects to be considered for auditing. The Supplement is also seen as a source for auditors to better understand federal program objectives, procedures and other valuable information.
Effective for fiscal year audits beginning after June 30, 2013, some of the changes to this year’s Compliance Supplement include:
- Changes to the Matrix of Compliance Requirements, which was revised to add and remove programs for consistency purposes;
- Appendix VI being renamed Agency-Specific and Program-Specific Audit Guides, and listing agency-specific and program-specific audit guides for auditors to use;
- The removal of major program determination guidance for ARRA programs from Appendix VII; and
- Select Department of Education compliance requirements in the Student Financial Assistance cluster for Part 5 have been revised.