GAQC letter to OMB on COVID-19 implications

On April 10, 2020, the GAQC issued a comprehensive letter to OMB summarizing the various COVID-19 questions and issues that need to be addressed so that interim work on June 30, 2020, single audits can begin. We recommend you read through the letter to familiarize yourself with the various issues, since they may be relevant for your audits. The most important areas raised relate to whether various emergency funds/programs are subject to the single audit, and if so, what CFDA numbers they are associated with? This information is critical to an entity's compliance and for single audit purposes. The letter also makes suggestions to OMB on how the 2020 OMB Compliance Supplement should be revised to address COVID-19 matters. In addition, it reminds OMB of the future potential impacts on major program risk assessments, internal control testing and sample sizes.