2020 OMB Compliance Supplement: Understanding the Single Audit Playbook
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.
Who Will Benefit?
This webinar is of value to all federal granting agencies, federal grant recipients, and everyone who works with federal grants, including:
- Grant and program administrators
- Grant program staff
- State, district and school personnel
- Program monitors
What Will You Learn?
- The purpose of the OMB Compliance Supplement and its relevant sections.
- Important changes in the 2020 editions of the Supplement.
- The different compliance requirements included in the Supplement, and which requirements apply to the major federal education programs.
- Relevant language regarding time & effort reporting and how it might affect guidance from the federal agencies.
- The approach the Supplement is taking on COVID-19 relief programs.
Brustein & Manasevit, PLLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education (CPE) on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org.