News from the annual Governmental Audit Quality Center broadcast. Here are a few highlights:
- New Yellow Book and Single Audit reports are being developed and will be provided later this year.
- The question regarding the applicability of Single Audits to COVID monies is not clearly defined at this time (AICPA has contacted OMB for clarification).
- 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.
- 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).
- 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