The extended timeline for comments on the proposed updates of the OMB Circulars is coming to a close. All comments must be submitted by June 2. The full OMB proposed requirements can be read here.
- The consolidation of eight existing OMB Circulars into one document, with the goal of erasing duplication and improving efficiency.
- Single audit requirements, including a change in the threshold of federal awards from $500,000 to $750,000.
More details on the changes are summarized on the AICPA Governmental Audit Quality Center’s Summary of Proposed Guidance. If you are the recipient of Federal Grants, now is the time to voice your opinion on the proposal. You can do so here.