OMB Updates Compliance Requirements
May 02, 2022
by WSCPA
A&A TODAY: PRESENTED BY THE WSCPA AND GALASSO LEARNING SOLUTIONS
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS removed the special test and provisions requirements for Provider Relief Funds (93.498) which related to out-of-network patient expenses. In order to reduce burden on smaller entities, Treasury is now offering an alternative examination engagement in lieu of requiring a Program Specific audit or Single Audit for entities that would not have required this level of audit had it not been for the receipt of CSLFRF funds (21.027). Treasury estimates 10,000 entities will be able to forego a Single Audit in lieu of this new compliance examination which has been added to Appendix VII thereby still maintaining accountability but reducing costs and complexity.
Do you believe these changes will reduce cost and complexity?
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With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.