ATTN Audit Clients!

News from the annual Governmental Audit Quality Center broadcast. Here are a few highlights:

  1. New Yellow Book and Single Audit reports are being developed and will be provided later this year.
  2. The question regarding the applicability of Single Audits to COVID monies is not clearly defined at this time (AICPA has contacted OMB for clarification).
  3. However, the SBA has notified the AICPA that PPP loans provided to nonprofits are not subject to Single Audit; EIDL direct loans to nonprofits are subject to Single Audits.
  4. OMB provided a “Blanket” 6-month single audit extension beyond the normal due date for year-ends from date of the memo (March 19) through 6/30/20 year ends (recipients who use the extension should maintain documentation regarding reasons for the delayed filing).
  5. Issuance date of the 2020 Compliance Supplement is not known at this time (best guess – maybe June 2020 issuance with a subsequent addendum for COVID-19).

H/T to Charles Hall