Each year, the Office of Management and Budget (OMB) releases the OMB Compliance Supplement. This document provides auditors with the necessary guidance for conducting Single Audits of federal programs for all non-federal entities that expend $750,000 or more in federal funds in a year. Among other things, the Compliance Supplement includes definitions and descriptions of all compliance requirements, ways to test internal controls, and specific areas of focus for various federal programs.
This virtual training will discuss relevant changes to the 2020 Supplement, released on August 14, including relevant language regarding time & effort reporting, applicability of compliance requirements to major federal education programs, and the impact of COVID-19 and related grants. As this Compliance Supplement is the guide book auditors will use for the coming year, it is important for all federal program administrators at non-federal entities to be familiar with the changes and relevant language included in this year’s edition.