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In late 2013, the U.S. Office of Management and Budget (OMB) announced comprehensive grant reform rules titled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).”
The new Uniform Guidance that is effective for years ending on or after December 26, 2014 have replaced the audit and reporting requirements under the U.S. Office of Management and Budget (OMB) Circular A-133. No early implementation is permitted.
The most well known change the Uniform Guidance implemented was the increase in the Single Audit threshold from $500,000 to $750,000, however, there are many other changes that will impact the amount of Single Audit testing and reporting which affect both the auditee and auditor.