Single Audit Roundtable Meets
5/15/2017
Monday, May 15, 2017
by:

Section: NASACT




The Single Audit Roundtable conducted its first meeting of the year to discuss issues surrounding the single audit. The roundtable is a forum established by the American Institute of Certified Public Accountants and hosted by KPMG where federal audit and accountability representatives meet with members of the non-federal and state government audit communities.  

In normal fashion the agenda featured updates from the U.S. Office of Management and Budget, AICPA and the U.S. Government Accountability Office, as well as an update on the status of Federal Audit Clearinghouse activities.

OMB did not reveal a lot of new issues but did talk about the themes of this year’s budget proposal: effectiveness, efficiency, accountability and cyber security. It is the Trump Administration’s goal to look closely at all federal agencies and their functions to determine if there are changes that can be made to address the themes set forth in the budget proposal. In terms of the single audit and the Uniform Guidance, OMB is looking for input from the grants and audit communities on what sort of changes can be made in the short and long term that will address effectiveness, efficiency and accountability.

OMB also stated that several items are being held pending review to determine if the proposed regulation, guidance or initiative would have a cost or burden associated with it. Such items include:
 
  • An OMB proposal that would amend portions of the Uniform Guidance in the procurement and pension cost areas.
  • Additional frequently asked questions that would further clarify inconsistencies in the Uniform Guidance and address minor implementation issues.
  • A new schema for the Catalog of Federal Domestic Assistance (CFDA).
  • The Single Audit Quality Study.

Representatives from the AICPA Government Audit Quality Center provided an update on center activities. Currently, the center has 230 member firms and 31 state audit offices. Collectively, 93 percent of single audit (dollars) are represented. The AICPA also noted that they are currently working on internal control. Specifically, on what practitioners need to do better work in this area.
 
Members of the GAO Yellow Book team provided an update on the Yellow Book noting that comments on the exposure are due by July 6 with the final issuance projected for 2018. GAO noted that the new Yellow Book will include a big change in the peer review area specifically with organizations that are not affiliated with a recognized organization. For these organizations, there are several additional peer review requirements.
 
Additionally, GAO provided that there are quite a few new requirements around performance audits and a new requirement specifically on waste. Auditors are not expected to seek out waste in their audit.
 
The next roundtable will be held in November. 

 
Post a Comment

Name
Email
Comment